07/24/2017 14:06 EDT | Updated 07/24/2017 17:13 EDT

Canadian Economic Growth Will Be Fastest Among G7 This Year, IMF Says

Canada's expected to grow 2.5% this year, up from a 1.9% forecast in April.

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Rush hour traffic along the Autoroute Bonaventure in Montreal. Canada's economy is expected to speed ahead of its G7 counterparts, the IMF says in a new report.

OTTAWA — The International Monetary Fund expects Canada to lead the G7 for economic growth this year.

The IMF raised its outlook for Canada as part of its latest world economic outlook update.

It now expects the Canadian economy to grow by 2.5 per cent in 2017, up from its April projection of 1.9 per cent.

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The IMF says it revised its 2017 outlook for Canada following strong growth in the first quarter and indications of "resilient second-quarter activity."

However, it trimmed its outlook for Canada for 2018 to 1.9 per cent compared with its earlier forecast for 2.0 per cent.

The IMF says global economic growth is expected to be 3.5 per cent this year and 3.6 per cent in 2018, unchanged from the April forecast.

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