Brazilian President Luiz Inacio Lula da Silva said on Friday that the new economic plan recently announced by the government, will stimulate the economic growth of the country.

In a message delivered to Congress at the opening of the new legislative term, Silva said the government hopes to raise the country's annual economic growth to about 5 percent, up from the current rate of less than 3 percent.

The president also said the government would boost investment to 25 percent of GDP, up from the current rate of around 20 percent.

Silva called for lawmakers's support for the measures that will require legislative approval to come into force.

The new plan calls for tax cuts of more than 2.9 billion U.S. dollars annually, and seeks to make public and private sector investments of more than 237 billion dollars over the next four years.

Source: Xinhua