Gordon Brown points to strong growth in Europe, China and India

The meeting is expected to focus on the world economy, trade and the regulation of hedge funds, despite the absence of representatives from China.

Although China is not a G7 member, officials from the country have attended the group's previous meetings.

China is thought to be unhappy over a US intellectual property rights row.

The G7 gathering, which comes ahead of the spring meeting of World Bank and International Monetary Fund this weekend, could also be overshadowed by the controversy surrounding World Bank President Paul Wolfowitz.

Mr Wolfowitz is facing calls for his resignation following an admission that he helped his partner gain a promotion to a high-paying job at the World Bank.

Prior commitments

Despite concern over the direction of the US economy, which has been hit by a slowdown in the housing market, G7 leaders expressed confidence in the wider global economy.

Britain's Chancellor of the Exchequer Gordon Brown pointed to robust growth in Europe, China and India.

"We have always wanted the world economy to fly on more than one wing," he said ahead of the meeting.

The global economy is forecast to grow by 4.9% this year and in 2008, after expanding by 5.4% in 2006.

China said on Thursday it would not be sending its finance minister or central bank governor to the meeting of G7 finance ministers because of prior commitments.

"Due to domestic scheduling the responsibles at the Ministry of Finance and the People's Bank of China will not be able to attend this meeting," a foreign ministry spokesman said.

Despite China's absence from this weekend's gathering, Chinese and US officials are due to meet for separate economic talks in May.

The G7 comprises of Canada, France, Germany, Italy, Japan the UK and US. In recent years Russia has joined key gatherings to form the G8.