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OECD Brightens Its Prediction For G-7 Economies -- Minus Japan

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PARIS -- The Organization for Economic Cooperation and Development says the outlook for economic growth in the United States and other major economies has brightened since its last reading, thanks to accelerating private investment and trade.

The Paris-based OECD says six major economies – also including Canada, Britain, Germany, France and Italy – are set to grow at an annual rate of about 3 percent in the first half of 2011, well above the organization's previous forecast.

In November, the OECD forecast the G-7 economies – which also include Japan – would grow at a 2 percent clip in 2011. The new forecast excludes Japan, as the OECD said it was too early to determine the full cost of damage from last month's earthquake, tsunami and nuclear disaster.

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