TD Economics says it continues to expect global economic growth will pick up in the second half of this year, even though the first months of 2013 have been softer than anticipated.

The bank’s economists say in a quarterly assessment of global trends that the world economy will expand 2.9 per cent this year and 3.6 per cent in 2014.

TD bases the assessment partly on expected improvements in the United States, which has the world’s largest economy.

It estimates the U.S. annual growth this year will be 1.9 per cent, rising to 2.8 per cent in 2014.

It says Canada will benefit from its largest trading partner’s renewed strength but estimates Canadian growth will lag the U.S. in both years, growing by 1.7 per cent in 2013 and 2.4 per cent in 2014.

“The U.S. economy has shown true grit, supported by its resilient consumers in a tough environment of tax hikes and unco-operative global growth,” the TD report says.

“In turn, the Canadian economy is making reassuring progress after last year’s growth slump,” it adds.

“In line with this, our outlook for Canada remains largely unchanged; characterized by continued moderate growth, an export-driven acceleration next year, and a domestic economy that chugs along at a more modest pace.”

Overall growth in North America, including Mexico, is expected to be two per cent and 2.8 per cent this year and next — slower than in the Asia-Pacific or Latin America regions but faster than in the European Union.

In the Asia-Pacific region as a whole, including Australia and Russia, TD is estimating 2013 growth of five per cent this year and 5.2 per cent in 2014.

The EU’s overall economy is expected to shrink by 0.4 per cent in 2013 and return to growth next year with an advance of 1.3 per cent.