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Updated Friday, September 3, 2010 2:10 pm TWN, AFP

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European Central Bank raises growth forecast

FRANKFURT -- The European Central Bank on Thursday raised its growth and inflation forecasts for the 16-nation eurozone, with the economy now expected to expand 1.6 percent this year and 1.4 percent in 2011.

In June, the ECB had forecast growth at 1.0 percent in 2010 and 1.2 percent in 2011.

ECB president Jean-Claude Trichet noted that “recent economic data for the euro area have been stronger than expected, partly owing to temporary factors.

“Looking ahead, the recovery should proceed at a moderate pace, with uncertainty still prevailing.”

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