OECD raises Eurozone, UK growth forecasts

The OECD raised its 2006 growth forecasts for the euro zone and UK on Tuesday 5 September, but kept its forecast for US growth unchanged and lowered its projection for Japan.

It said data for the first half of the year point to 'some gradual rebalancing' of economic growth between the two sides of the Atlantic.

'Following this catch up, growth is likely to slow somewhat in Europe whilst the US and Japanese expansions regain some momentum,' OECD chief economist Jean-Philippe Cotis said.

'The re