Gordon Brown is set to say he has guided the economy through a "storm" over the past 18 months and is best placed to secure its recovery.
In a major speech in London, he will argue the economy is at a "crossroads" and Labour must show the same "resolve" now as during the 2008 banking crisis.
The government is expected to announce the date of the Budget on Wednesday.
The Tories say Labour cannot be trusted as it has presided over the deepest and longest post-war recession.
They say a new "economic model" is needed to replace an economy burdened by public and private debt and have called for action to cut the ballooning deficit to begin straight away after the election – expected to take place on 6 May.
The Lib Dems say the economy is too fragile to start cutting public spending and government support for business and jobs must continue.
‘Turning point’
Revised figures published in February showed the UK emerged more strongly from recession at the end of last year than had previously been thought, but some economists have warned that growth could easily falter again in the coming months.
Mr Brown is expected to outline the action that he thinks is necessary to secure the recovery, focusing on job creation in the UK and further reforms to global economic governance.
"We are weathering the storm and now is no time to turn back."
Gordon Brown
"We are at a turning point, a crossroads, for our domestic economic recovery," he is expected to say.
"We face crucial decisions. The stakes are high. We dare not risk the recovery. We are weathering the storm and now is no time to turn back. We will hold to our course and will complete our mission."
The prime minister is likely to warn of further "bumps in the road" and say equally tough decisions will be needed as were taken by Labour at the height of the financial crisis.
"There are substantial risks ahead. I believe the only way to overcome them is by displaying the same strength and resolve as we did during the crisis," he is expected to add.
Budget details
The Treasury is expected to confirm, in a written statement to Parliament, that Chancellor Alistair Darling will deliver his much-awaited pre-election Budget on Wednesday 24 March.
The Conservatives have pressed the chancellor to use the occasion to give more detail about how he intends to meet Labour’s commitment to cut the deficit in half over the next Parliament.
They say the financial markets need greater reassurance on the matter, likening the deficit to a "dark cloud" hanging over the economy and its future recovery prospects.
On Sunday, Mr Darling said he was "absolutely committed" to this goal and said his tax and spending statement would show he was "on course" to cut borrowing from its forecast peak of £178bn this year.
He has ruled out a full spending review until there is more certainty about the economy and while promising to protect spending on health and schools has warned of "difficult choices" elsewhere.
Economists have warned that substantial spending cuts and further tax rises will be needed in the medium term to tackle the deficit but opinion is divided on when this process should begin.
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