The Brazilian Minister of Finance, Henrique Meirelles, joined the seminar titled ‘Brazil Risk Reassessment’ held at FGV in Rio de Janeiro, on December 4. The event was organized by FGV Projetos and the Business Cooperation Committee (CCE), through the World Economic Center (CEM), in partnership with S&P Global Ratings, Federação das Indústrias do Estado do Rio de Janeiro (Firjan), and the Valor Econômico newspaper.

With the purpose of discussing Brazil’s economic situation and Brazil risk, the meeting brought together the President of FGV, Carlos Ivan Simonsen Leal, the Vice President, Sergio Franklin Quintella, the Director of FGV Projetos, Cesar Cunha Campos, the Director of the World Economic Center (CEM) and former President of the Central Bank, Carlos Geraldo Langoni, the President of the Business Cooperation Committee (CCE), João Carlos de Luca, in addition to the Minister of Finance, Henrique Meirelles, the Secretary of Economic Monitoring of the Ministry of Finance, Mansueto de Almeida Junior, the Managing Director and Sovereign Global Chief Rating Officer of S&P Global Ratings, Moritz Kraemer, the President and CEO of Vale, Fabio Schvartsman, and the CEO of Brookfield Brazil, Luiz Ildefonso Simões Lopes, among others.

During the opening ceremony, the President of FGV, Carlos Ivan Simonsen Leal, pointed out that the reassessment of the Brazil risk has been beneficial, but maintaining that level is a challenge, particularly considering the upcoming elections next year. He also highlighted the importance of balancing public accounts and a rational discussion on the Social Security reform to develop the country. 

Cesar Cunha Campos spoke about the positive signs that the economy has been showing in light of the adopted economic policy, and was confident regarding the sustainability of the economic cycle and the expansion of growth. Carlos Geraldo Langoni also said that Brazil is now going through a period of transition, marked by the end of the recession and a solid recovery trend. Langoni predicts that Brazil’s economy will be growing at a stronger pace by the second quarter next year, with low inflation and unemployment rates returning to single digits.

Minister Henrique Meirelles outlined a detailed panorama of Brazil’s economic scenario and the effects on the risk reassessment. The Minister explained the structural reforms that are on the national agenda, such as the spending ceiling, labor reform, tax reform, and social security reform, in addition to the microeconomic reforms that have been implemented involving fiscal control, reduction of the banking spread, and industry regulation. According to him, the purpose of these reforms is not only to reduce the Brazil risk, but also to leverage productivity.