26/03/2020

XP SEES UNEMPLOYMENT ACHIEVING 40 MILLION IN BRAZIL WITHOUT ‘MARSHALL DE TRUTH PLAN’

Guilherme Benchimol, CEO of XP Inc. (photo: Zeca Caldeira)

The president of XP Investimentos, Guilherme Benchimol, said that he sees the possibility of unemployment growth for more than 40 million Brazilians as a result of the coronavirus pandemic. “It’s a scary number,” he said on Sunday, 22, in a live with other businessmen.

“I saw today an interview by the regional president of the St. Louis Fed, James Bullard (US central bank), saying that the unemployment rate will rise from 3% to more than 30% in the United States because of the crisis” , he stated. “In Brazil, where there are more than 10 million unemployed, I believe that the impact will be much greater,” he said.

Benchimol defended the creation of a Marshall plan – Europe’s reconstruction package after the Second World War. “What we have so far is a drop in the ocean. It has to be a real plan, the numbers are scary, the hole is much further down,” he said.

In the live, promoted by XP Investimentos in which CSN President Benjamin Steinbruch participated, Eletrobras President Wilson Ferreira Júnior, Stone President André Street, MRV President Rubens Menin, Benchimol demanded more robust government measures federal government to avoid rising unemployment and social chaos in the country. “The risk is an increase in people starving and the number of murders.”

In response to questions from the CEO of XP, the president of Caixa Econômica Social, Pedro Guimarães, said that more than 20 to 30 million Brazilians will be impacted by the current measures. “More will probably be needed and we will help. We are already postponing payments, reducing interest rates,” he said. “This worries us and is being led by the Minister of Economy, Paulo Guedes.”

Author: Agência Estado Source InfoMoney