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However, at 1.7 and 1.3 per cent for 2016 and '17 respectively, Capital Economics said the IMF's forecasts are still wildly more optimistic than much of the market analysis.

Commonwealth Bank of Australia strategist Elias Haddad expects the IMF will likely upgrade these forecasts in its October world outlook.Because of the multiple overlapping global shocks, including climate change, forced displacement and pandemics, we have to scale up our efforts dramatically in building resilience." Ms Lagarde also argues positive growth can have strong impacts on poverty-stricken nations."We certainly believe that international trade has been helpful over the course of the last few decades."Australia's economy is already growing at an above-trend annual pace of 3.1 per cent ... The Westpac leading index suggested a significant improvement in Australian economic growth over the next three to nine months compared to what it had been predicting previously.Westpac chief economist Bill Evans said it is now more in line with his forecast for three per cent growth over the next year.There was also positive news on the employment front, with jobs advertised on the internet rising by 0.9 per cent in June for an 11 per cent pace over the year.

Notably, the Department of Employment's monthly vacancy report showed a 10.3 per cent spike in demand for machinery operators and drivers, by far the strongest sector among the eight occupational groups it monitors, and 29 per cent higher than a year earlier.

The IMF barely budged its forecast, lowering its 20 predictions by a mere 0.1 of a percentage point to 3.1 and 3.4 per cent respectively.

However, the global financial agency said that it would have actually raised its global growth forecasts were it not for the Brexit vote."The Brexit vote implies a substantial increase in economic, political, and institutional uncertainty, which is projected to have negative macroeconomic consequences, especially in advanced European economies," noted the IMF in its latest World Economic Outlook Update.

The revision in the IMF's update of its April World Economic Outlook unsurprisingly concentrated on advanced European economies, particularly the UK itself.

But countries like China have not only missed a downgrade but showed a modest improvement for 2016 - 6.6 per cent growth rather than 6.5 per cent. "Our growth rates are still the envy of the advanced world, in terms of the advanced economies around the world, and I'm sure that will be the case as I meet with my colleagues this weekend," Mr Morrison told ABC Television on Wednesday.

Treasurer Scott Morrison expects Australia's economic growth rate will still be the envy of the world when he meets his G20 counterparts in China this weekend.