MercoPress. South Atlantic News Agency

Lula highlights Brazil's economic improvements

Lula also underscored the nation's continued growth, controlled inflation, and living standards improvements

Brazil's President Luiz Inácio Lula da Silva highlighted Wednesday that his country's economy has outperformed expectations in the past two years when it reached 3.2% in 2023 and 3.8% in 2024 amid projections of +0.8% and +2.5% respectively.

“When we assumed the Presidency of the Republic, the economic growth forecast was 0.8%, but we grew 3.2%. This year the expectation was 2.5%, but we will reach 3.8%,” said Lula, after participating in the XIV Brazil-Portugal Summit.

He also underscored the nation's continued growth, controlled inflation, and living standards improvements after a report from the Getulio Vargas Foundation indicated a 3.5% GDP growth in 2024, driven by industry, services, and household consumption. In 2023, growth was boosted chiefly by agribusiness exports.

“The people will once again earn more, will be able to eat better, will have more job opportunities, and will be able to enjoy life more. And when the elections come, they will exercise their democratic right to vote for whomever they wish,” he added.

“When we returned to government, there were 33 million people going hungry. In December 2026, we will deliver a country where no one suffers this situation. This is not only a government commitment, it is a moral duty to the Brazilian people,” he also stressed while pledging to keep his campaign promises to strengthen economic development and create more jobs.

Meanwhile, the US dollar surpassed R$ 5.70 after the release of Federal Reserve meeting minutes and President Donald Trump's threats to raise tariffs on pharmaceuticals and semiconductors by 25%. Brazil's stock market fell nearly 1%, with the Ibovespa index closing at 127,309 points. The financial market also reacted to the possibility of interest rate reductions in the US based on inflation trends.