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The International Monetary Fund is raising its estimate for economic growth in Canada this year.

The international organization says it now projects Canada’s economy will grow 2.3% this year, up from an estimate of 2.1% in October.

Growth for 2019 is forecast at 2%, up from an earlier projection for 1.7%.

In its January monetary policy report, the Bank of Canada raised GDP growth to 2.2% in 2018 and 1.6% in 2019, up from previous projections in October of 2.1% and 1.5%.

The IMF expects U.S. growth to accelerate to 2.7% this year, from 2.3% in 2017, citing increased investment as businesses take advantage of lower corporate tax rates.

Read: Canada, U.S. won’t drive global growth over next two years: Scotiabank

World output is expected to grow 3.9% this year and 3.9% in 2019, up two-tenths of a percentage point in both years.

Read: Look for value in Japan, emerging markets: deVere

The IMF says the revision for global growth reflects increased growth momentum and the expected impact of the U.S. tax policy changes.

Also read:

China reports 6.9% growth in 2017 on strong retail sales, exports

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