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Lula: Brazil to be world's 3rd largest economy

(Xinhua)
Updated: 2009-09-19 13:39

RIO DE JANEIRO: Brazilian President Luiz Inacio Lula da Silva said on Friday that abundant natural resources might help the country become the world's third largest economy in the near future.

The recently discovered pre-salt oil and gas reserves may help the country achieve this goal, Lula said.

"In 10 or 15 years, this country will be the third, or the fourth largest economy in the world, or the fifth if it does not have luck," Lula said at the inauguration of a project in the southern state of Rio Grande do Sul.

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The government has to improve the quality of education in the country, as well as the economic situation of the poor, with the pre-salt revenues, Lula said.

Brazil's economic growth must be made by enhancing social equality, he said, adding that the country cannot allow the excessive concentration of wealth in the future.

Brazil's economy increased by 1.9 percent in the second quarter this year compared with the previous one. The government expects the economy to keep on growing in the third and fourth quarters, and to grow one percent for the whole year.