Brazil will be able to create up to 2.5M new jobs in Y 2010, higher than a previous estimate of 2M, said the country’s labor minister on Friday.

Brazil will have the best year of President Luiz Inacio Lula da Silva’s administration in terms of job creation, said Labor and Employment Minister Carlos Lupi.

“We will have the best year, we will generate 2.5M jobs. That means that, while the world is still finding difficulties in leaving the crisis behind, Brazil is generating more work,” he said.

In Q-1 Y 2010, Brazil managed to create over 657,200 jobs. Lupi also expressed his belief that, by creating more jobs, Brazil may be able to raise retirement pension payments.

“We have already had the best months of social security system collection due to the increase in employment,” he said, adding that an eventual raise in the pensions may warm up the economy even more, leading to the creation of more jobs.

Lupi is well-known for his optimism and reliable predictions. Last year, Lupi said Brazil would manage to create 1M formal jobs despite the impacts of the international financial crisis, and by the end of the year, over 995,000 jobs had been created. —Paul A. Ebeling, Jnr www.livetradingnews.com

Posted by Shayne Heffernan on May 2nd, 2010and filed underBRIC, Equities, Latest News, Markets.You can follow any responses to this entry through theRSS 2.0You can leave a response by filling following comment form or trackback to this entry from your site