Lula hails Brazil's economic growth in 2007

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RIO DE JANEIRO, Dec. 29 (Xinhua): Brazilian President Luiz Inacio Lula da Silva praised his country's economic growth in 2007 in a television speech.
In his last official speech of this year on national television, Lula hailed the economic achievements made by his government, pointing out that 20 million Brazilian citizens who once belonged to the lowest social classes have moved up into the middle class over the past five years.
It is almost "for sure" that the country would enjoy economic growth of more than 5 per cent this year, the president said, adding that "a historic record" of 1.936 million formal jobs were created.
According to the Brazilian Geography and Statistics Institute (IBGE), the unemployment rate in November was the lowest ever since the institute started to carry out studies in March 2002.
Lula said the rise in the employment rate generates a "virtuous circle" as it increases household income and purchase power, boosting domestic consumption and production in all economic sectors.
Referring to the Program for the Acceleration of Growth (PAC), Lula said that until 2010, 504 billion reais (about 286.3 billion U.S. dollars) will be invested in projects including energy, housing, infrastructure, the construction of railways, ports, airports and waterways.
The PAC was launched by the federal government in January this year to boost the country's economic growth to 5 per cent annually by 2008.
Lula also said the annulment of the CPMF tax, which was charged on all financial transactions in the country, has resulted in the loss of 40 billion reais (about 22.7 billion dollars) per year. However, he said the decision made by Congress was "democratic."
Lula took office in 2003 and was re-elected for another four- year term in 2006.