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Home >> Business
UPDATED: 10:59, January 23, 2007
Brazil launches economic growth acceleration program
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Brazilian President Luiz Inacio Lula da Silva on Monday unveiled an economic program projected to boost the country's economic growth to 5 percent annually by 2008.

During the ceremony in Brasilia to announce the plan, Lula said he expected Brazil's economy to develop at 4.5 percent this year, and that the economic program would help boost gross domestic product (GDP) growth to 5 percent between 2008 and 2010.

Lula, who was sworn in on Jan. 1 for a second term, said that "the challenge now is to accelerate economic growth."

The Program for the Acceleration of Growth (PAC) calls for a total of 504 billion real (235 billion U.S. dollars) through 2010 to be invested in building and repairing highways, airports and ports nationwide, boosting energy development in the north, and providing housing, water and sewage systems that will benefit poor Brazilians.

The program also consists of measures to boost low interest rate credit,improve the investment environment and cut down taxes to stimulate some sectors.

About 205 billion U.S. dollars would be provided by state-owned companies and the private sector, while the rest would come from the federal government.

Source: Xinhua

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