The International Monetary Fund has upgraded Australia's 2016 economic growth forecast despite earlier this week downgrading its world outlook.
A note prepared by the International Monetary Fund for G20 finance ministers and central bank governors' meeting in China shows that it has upgraded its 2016 growth forecast for Australia to 2.8 per cent. In April, the Washington-based institution had expected a growth rate of 2.5 per cent for this year.
Since April, Australia posted its strongest 12-month growth rate in over three years at 3.1 per cent.
It comes at a time when the IMF has downgraded its world growth forecast in the aftermath of Britain's surprise decision to leave the European Union.
Advanced G20 economies are now expected to grow by just 1.7 per cent this year.
Even the US, the world's biggest economy, is only expected to grow by 2.2 per cent.
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