UK Chancellor of the Exchequer Alistair Darling said Tuesday the Group of 20 industrial and developing nations is meeting amid the worst global economic conditions in decades.

"We're now facing the most difficult economic situation that we've seen in generations, with negative growth this year for the first time in 60 years, world trade is collapsing at the sharpest rate that we've seen since 1965" and industrial production is plummeting, he told lawmakers.