China’s weak economy is the culprit that sent Brazil into the worst recession in more than 100 years. Slower Chinese demand for Brazilian products has impacted Brazilian exports, and the country can’t seem to get its exporting mojo back. Ricardo Guimarães, the President of BMG Bank, sat down for an interview with Portal.Comunique and told the interviewer that the China situation isn’t going to get any better in 2016.

Mr. Guimarães believes the Chinese yuan is going to lose value against the dollar and that will hurt Chinese consumers. Guimarães said China exports figure may improve, but their import needs will be less than they were in 2015, and that’s bad news for Brazil.

Brazil’s economy is at a crossroads, according to Mr. Guimarães. The government will have to inject money into the Brazilian economy by way of consumers if they want the country to shake off the two-year-old recession that is plaguing the country. Guimarães wants the government to invest in small businesses and middle-class consumers the same way he invested in Brazilian soccer clubs. BMG Bank’s soccer investments have made the bank one of the most profitable banks in Brazil.

The website newspaper confirmed the fact that BMG Bank is the leader in soccer sponsorships, and Ricardo Guimarães is one of the most respected figures in the soccer world. But Guimarães is also respected in the financial world as well. Mr. Guimarães is one of the bankers that is not only a local banker that made it big, but a wealthy entrepreneur that has interests in mining, cattle, and commodities.

The city of Belo Horizonte showed Ricardo how respected he is when city officials honored him with the Diploma of Merit for his relentless service to the city and his contributions to soccer. A article mentioned the Guimarães family contributions to Belo Horizonte which date back to the 1930s. Ricardo’s grandfather Antonio set the bar high for his son Flavio and grandson Ricardo, but both men have exceeded that bar in banking as well as in other endeavors.

Brazil is getting ready for the Summer Olympics, and the country is trying to go on without China’s business. Guimarães believes 2016 will be the year that Brazil shows the world how resilient the country is. The history of Brazil is filled with economic highs and lows and Ricardo says this economic slump is just that. Ricardo said if BMG Bank can break out of banking herd and perform as good as or better than the top five banks, then Brazil can do the same thing on the world’s global market.

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