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TORONTO — The International Monetary Fund is lowering its economic growth projections for Canada and the world.

Slowing growth in global oil exports, low crude prices and weak demand for non-oil commodities were identified as factors.

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The IMF is now projecting Canada’s economy to grow by 1.5 per cent this year and by 1.9 per cent next year.

That would be an improvement on last year’s growth of 1.2 per cent but less than the IMF’s January estimate, which projected Canada’s economy would grow 1.7 per cent in 2016 and 2.1 per cent in 2017.

The IMF is also lowering its estimates for the United States and the global economy overall, with China being an exception.