The world's leading economies are to give themselves more flexibility in meeting targets for cutting budget deficits rather than risk worsening a slowdown in many countries, chief among them the United States.

Meeting a day before the U.S. presidential election, which is being disputed largely on tax and spending issues, the Group of 20 countries worried that previous commitments to cut in half the budget shortfalls of advanced economies by the end of next year might hurt the struggling global economy.

"In light of the weak pace of global growth, they will ensure that the pace of fiscal consolidation is appropriate to support the recovery," G20 policymakers said in a communiqué after a two-day meeting in Mexico.