The Organization for Economic Development (OECD) of Paris, France has raised its forecast for European economic growth for 2006. Europe’s recovery seems “sufficiently robust,” the organization says, to boost euro zone growth to 2.7 percent in 2006—up from its May forecast of 2.2 percent. Growth of that magnitude would justify higher interest rates, OECD chief economist Jean Philippe Cotis said. European nations have seen their economies improve in the last quarter, OECD said, boosted by better tax revenues and lower unemployment than previously expected.
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