China Needs Brazil To Stimulate Their Economy According To BMG Bank President Ricardo Guimarães

According to a Gallup survey, the most upbeat people in the world are Latinos. The people of Brazil fall are in that category, but they are being tested by a two-year-old recession that is expected to last for another two years. BMG Bank President and mining entrepreneur, Ricardo Guimarães thinks the recession won’t last that long because Brazil’s main trading partner, China, is going to get the country’s exports moving again.

Mr. Guimarães says the fortunes of both China and Brazil are linked to commodities. Oil is not the only commodity that fuels the Brazilian economy, according to Guimarães. Iron, coffee, soybeans and other products are key products that will help China’s new economic strategy. The new Chinese economy is rooted in consumer purchases and products.

China’s president was recently interviewed by R7.com, and he said the Chinese economy will grow by at least 6.5 percent in 2016, and that will help China increase the amount of goods they import from Brazil. China accounts for half of all the commodities that Brazil sends around the world. For more than a decade, China has been buying Brazilian commodities in large quantities. The Chinese spent $83 billion on Brazilian goods in 2013 compared to $2 billion in 2000.

R7.com also interviewed Ricardo Guimarães, and he said China’s growth rate may not reach 6.5 percent, but it could be around 6.2 percent and that growth should be enough to increase their buying power. If China has another meltdown, Guimarães thinks India will be Brazil’s next big trading partner. Increasing exports to India will definitely help end the recession faster than expected.

When the popular bank president is not being interviewed about the Brazilian economy, he is being interviewed about his soccer sponsorships. BMG Bank sponsors eight Series A Soccer Clubs, and the bank spends millions of dollars doing it. But those sponsorships have made the bank a very profitable family owned bank. According to CrunchBase.com, BMG Bank is the leader in personal and payroll loans in Brazil. BMG Bank is not in the top ten when it comes to assets, but the bank is number one in popularity thanks to soccer sponsorships.

Being the president of the most influential bank in the football market in Brazil has it advantages, according to a recent post by CMBH.mg.gov.br. Ricardo was awarded the Diploma of Merit from the city of Belo Horizonte for his contributions to soccer, tennis and volleyball. Guimarães was born in Belo Horizonte. Ricardo told the CMBH.mg.gov.br interviewer that city’s award is one of his greatest honors, and he would do everything in his power to continue to help his hometown grow economically. Ricardo Guimarães, the well-known banker and sports aficionado is also a great humanitarian.

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