Latin America & Caribbean
Brazil’s success in reducing poverty and income inequality has been widely reported in recent years.
As the Carnival in Brazil kicked off last weekend, Brazilians were ready for a party. They have reasons to celebrate. Despite a lackluster GDP performance in the last two years, unemployment rates remain at record low levels.
Increased cross-learning and cooperation among developing countries has been a remarkable feature of the global economy in recent decades. It's been some time now since knowledge and technology flowed only from advanced economies ("North") to developing ones ("South").
Recent data show that poverty is falling around the world. Today, 43 percent of people are considered to be living in “poverty” (on less than $2 per day), compared to 30 years ago when almost three-fourths of the developing world’s population was doing so.
The causes and effects of climate change are better known today than ever before.
The devastating impact of the global financial crisis, which consequently turned into a global economic crisis, created a consensus that pre-crisis financial regulation didn’t take the “Big Picture” of the system as a whole sufficiently into account. As a result, according to the views of many, supervisors in many markets “missed the forest for the tress”.
(All credits go to SECOM for this information)
President Luiz Inácio Lula da Silva announces US$ 526 billion in public and private investments over 2011-2014
Yesterday, Brazil launched phase two of the Growth Acceleration Program (PAC 2), announcing estimated investments of US$ 526 billion (R$ 958.9 billion) for the period from 2011 to 2014. PAC 2 includes new investment projects for the periods 2011 to 2014 and post-2014, as well as projects initiated during PAC 1 with activities that will conclude after 2010. For the period following 2014, the estimated investment is US$ 346.4 billion (R$ 631.6 billion). The two periods combined reach an amount of US$ 872.3 billion (R$ 1.59 trillion).
PAC is a strategic investment program that combines management initiatives and public works. In its first phase, launched in 2007, the program called for investments of US$ 349 billion (R$ 638 billion), of which 63.3% has been applied.
Similar to the first phase of the program, PAC 2 focuses on investments in the areas of logistics, energy and social development, organized under six major initiatives: Better Cities (urban infrastructure); Bringing Citizenship to the Community (safety and social inclusion); My House, My Life (housing); Water and Light for All (sanitation and access to electricity); Energy (renewable energy, oil and gas); and Transportation (highways, railways, airports).
“I consider PAC 2 as a portfolio of projects that the next administration can build from rather than starting from scratch, as there is no time to lose,” said President Luiz Inácio Lula da Silva during the announcement of the program.
PAC 2 Initiative in Detail...
On Monday, the world marked International Women’s Day. As a husband and father of strong, wonderful women, I am always very much aware of the occasion.