Major European economies will grow much faster this year than previously forecast, the Organization for Economic Cooperation and Development (OECD) said Tuesday, according to DPA. In an Interim Economic Assessment the Paris-based club of wealthy countries said it expected the German economy to grow 0.7 per cent this year, up from a May forecast of 0.4 per cent. France was forecast to post growth of 0.3 per cent, up from -0.3 per cent in May. But the most dramatic revision concerned the UK, where the OECD predicted growth of 1.5 per cent for the year, up from 0.8 per cent four months ago. The revisions follow statistics showing better-than-expected growth in Europe in the second quarter.
