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News Summary: OECD says world economy picking up

The Associated Press

SIGNS OF LIFE: The global economy is beginning to rebound, but Europe is lagging behind and unemployment rates are still too high, the Organization for Economic Cooperation and Development says.

PACESETTERS: The international economic group said Thursday that it expects growth to accelerate in Japan and the United States in the first half of 2013. It also expects Germany will bounce back strongly.

THE NEEDY: But other countries that use the euro will contract or only grow slowly, the OECD said, adding that the European Central Bank needs to do more to encourage banks to lend and economies to grow.