PMFORUM Breaking News

According to a World Bank news release in late December, President Luiz Inacio Lula da Silva of Brazil has pledged massive spending to build highways, railroads, ports and housing projects, in a bid to help ensure the economy maintains its brisk expansion.

Millions of jobs will be created as Brazil becomes an 'immense construction site,' the ... president said in a 10-minute year-end speech broadcast nationwide. Lula said $285 billion will be invested in transportation, energy, housing and sanitation projects in the next few years. Another $10 billion will be spent improving public safety and education through 2010, he said.

He praised Brazil's economic performance and said unemployment dropped to 8.2 percent in November - the lowest level in five years. ..." [The Associated Press/Factiva]

Reuters added that "Millions of Brazilians have emerged out of poverty since 2003 as a result of economic growth and social welfare policies, Lula said on Thursday (27 December). Job and salary growth as well as increased government aid are helping to eradicate poverty in Brazil, he said.

In the last 17 months alone, 14 million people joined a new middle class, Lula said in a televised year-end address. In 5 years, 20 million people (out of a population of 184 million) rose from the lower classes, he said. ..." [Reuters/Factiva]

Source: World Bank News Review, December 28, 2007