New Brazilian Leader Launches Economy Rescue Plan

Brazil's new government has announced a privatisation plan aimed at reviving the country's struggling economy, the BBC reported on Wednesday.

It plans to sell off four airports and two port terminals as well as offer contracts to private firms for a wide range of projects from building new roads to running mining projects.

President Michel Temer, sworn in two weeks ago after his predecessor Dilma Rousseff, was removed from office, said the plan would boost growth and jobs. "The state cannot do it all," he added. 

The plans are part of the new president's "Crescer" ("Grow") initiative, which aims to increase private investment in the country, in an attempt to address its huge budget deficit amid the country's worst recession in 80 years.

Brazil's economy contracted 3.8% last year, and is expected to shrink a further 4.3% this year, according to the Organisation for Economic Co-operation and Development (OECD). 

Source : QNA