Brazil's new government announces plan to rescue failing economy

Michel Temer, the new president of Brazil, has announced plans to privatise parts of the country's ravaged economy in order to stimulate growth.

Former leader Dilma Rouseff was impeached by the country's lawmakers following a series of corruption scandals, and her successor has now brought in a raft of changes to bring in economic prosperity and employment.

The plans for the "Crescer" (Grow) programme include the selling off of state-owned assets such as four airports and two port terminals.

Temer said that private investment is the anticdote to address Brazil's sizeable budget deficit, as the country experiences its worst recession in four decades.

According to the Organisation for Economic Co-Operation and Development, Brazil's economy is set to shrink by 4.3% this year.

The president said on Tuesday that "the State cannot do it all", as he makes ambitious promises to salvage the economy in his first weeks at the helm.

Temer's popularity is perhaps worse than that of Rousseff, as some labelled her impeachment as a coup. He has a difficult job on his hands to win over a population harshly divided by the corruption surrounding state-owned oil company Petrobras.