August 30, 2003
Lula has enormous
ahead, not the least of which
is restarting economic growth.
It is nine months since President Luiz
Inácio Lula da Silva marched
triumphantly up the ramp of the
presidential Planalto Palace in Brasília at
an emotional inaugural ceremony. Many
Brazilians expected that once his
Workers Party (PT) was in power, their
lives would quickly begin to improve.
They have been disappointed - one in
eight workers is unemployed and incomes
in May were down 15% in real terms. With
per capita GDP growth near stagnant, the
President Luiz Inácio Lula da Silva has steered Brazil away from the brink of collapse. But jobs remain scarce, poverty is pervasive and investors are few.