The new pandemic coronavirus it paralyzed the world economy this year, flattened corporate profit margins and scared investors. But now, it is possible to see the light at the end of the tunnel – and the exit from the crisis can be great, in the opinion of André Esteves, senior partner of the investment bank BTG Pactual and one of the controllers of EXAM.
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“The vaccine is a precondition [para a retomada da bolsa de valores], but it is already given. There are now five or six vaccines in advanced tests. The base scenario is one of broad global vaccination throughout the first quarter or the first half of 2021. This chapter must be closed. There, nothing prevents the Ibovespa reaching new heights and reaching 120,000 or even 150,000 points. There is no limit to success. It just depends on us, ”said Esteves on Monday, 23, during the opening of Money Week, a virtual investment forum organized by the office of autonomous agents EQI in partnership with BTG that runs until 27 November.
When he says that “it only depends on us”, Esteves refers to the collective effort that Brazilians must make to defend the process of economic reform and modernization that has been implemented in the country.
“We cannot let political disputes and personal ideologies dominate the debate. The agenda must be the best for society, ”said Esteves. This agenda, in his opinion, includes the reform of Social Security, initiated during the Michel Temer administration, in 2016, and the administrative reform, proposed by President Jair Bolsonaro this year to remove the framework of civil servants.
For the entrepreneur, common sense is necessary to proceed with the measures. The rejection, worldwide, of radical postures should facilitate the course of this project.
“We have just passed the first round of municipal elections and we will have the second round next week. What we have seen so far is the return of the center to political protagonism. The extremes were defeated. We can also read the United States’ elections as a return to the center ”, said Esteves. “The good news is that our National Congress is a center. There is a broad understanding of which direction the country should take. ”
In Esteves’ evaluation, income distribution programs such as those employed by the federal government during the pandemic are effective and “bring the social and moral rescue that Brazil needs”.
For the entrepreneur, it is even possible to extend aid without breaking the spending ceiling with a review of social programs and business subsidies that are inefficient.
“It is very healthy and represents an institutional evolution in Brazil in discussions around the spending ceiling. There is room to expand income transfer programs and be responsible for tax matters ”, he said.
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