Brazil’s Finance Minister Sees ‘Vigorous Growth” and 1.5 Million New Jobs in 2006

Brazil’s Minister of Finance, Antonio Palocci, told reporters on Friday, December 23, that Brazil is ending the year with significant progress in the economic sphere.

In his view, the effort made in 2005 to keep inflation within the government’s target and the savings achieved through the primary surplus will produce results next year in the form of what he termed "vigorous growth."

Palocci affirmed that the situation at the end of this year is similar to the one that prevailed during the transition between 2003 and 2004.

In 2003, he recalled, the government, faced with the threat of inflation, was compelled to adopt a more restrictive economic policy. The following year turned out to be one in which the economy grew 4.9%.

He went on to point out that 1.5 million jobs were created in 2004 and that this is precisely what should occur in 2006.

According to the minister, maintaining the fiscal adjustment policy over the long term is important for ensuring sustained growth in the coming years.

Jobs

13,831 formal jobs (with signed working papers) were created in Brazil in November. This represents a substantial drop in relation to November, 2004, when 79,022 new jobs were generated.

These data come from the General Register of Employment and Unemployment (Caged), released by the Ministry of Labor and Employment last Thursday, December 22.

ABr

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