The best replacement for olympus 12-50mm is 14-42mm.

The best alternatives to olympus 12-50mm are rated as following:
★★★★★  14-42mm
★★★★  panasonic 14-42mm
★★★★  panasonic 14-45mm
★★★  panasonic 12-35mm
★★  panasonic 14mm
★  14-45mm

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olympus 12-50mm
14-42mm
panasonic 14-42mm