Leaders of large companies that participated in Rumos 2026, an event held by Economic Valuein São Paulo, stated that the ongoing reforms, the drop in interest rates and the increase in competitiveness are central to boosting business in Brazil. One of the barriers, however, would be the complex labor market, with low availability of labor and obstacles that have led important sectors of the economy to lose professionals to informal work on digital platforms.
For the CEO of Magazine Luiza, Frederico Trajano, the business environment still imposes obstacles to financing retailers, which limits investment and expansion decisions:
“But microeconomic advances can improve access to credit and reduce risks in retail,” he said. “A structural reform agenda is needed to unlock the business environment.”
The CEO of Itaú Unibanco, Milton Maluhy Filho, stated that the next meeting of the Central Bank’s Monetary Policy Committee (Copom) should bring the first interest rate cut after a long period with the base rate at high levels. According to him, it would be important to reduce the cost of capital.
“We need to discuss levers for a structural drop in the interest rate”, he said, in a debate mediated by Mônica Scaramuzzo, editor of the Núcleo de Empresas do Valor, and Maria Luiza Filgueiras, editor of Pipeline.
He stated that strong institutions are needed, which helps to reduce the risk premium and increase legal certainty.
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“The fiscal issue is the topic of the hour. Secretary (Treasury, Rogério) Ceron himself, recognized that there is room to move forward. The fiscal framework is slow (improving public debt). Brazil needs to carry out an urgent budget reform, whoever the new president is.”
The CEO of Assaí Atacadista, Belmiro Gomes, cited the CLT work in Brazil as a hindrance to the production sector. For him, a modernization of the formal regime would be a more important topic to be debated than the end of the 6×1 work schedule.
“(The CLT regime) is a lot for those who pay and little for those who receive. We have a paradox. On the one hand, we have the pressure to reduce working hours. But part of the growth in work in recent years was from people who are working 12 hours a day on platforms and who prefer to work more to earn more”, he said, regarding the increase in workers on apps like iFood, 99 and Uber.
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According to him, the debate should seek a way for workers to be paid more:
“As we compete with digital platforms, a problem of (lack of) labor has been created.”
Gerdau’s CEO, Gustavo Werneck, stated that the shortage of qualified labor is one of the main obstacles to the expansion of sectors such as energy and civil construction. Even in a demand scenario, he said, companies face difficulties.
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“We are often unable to approve investments that recover capital”, he stated, commenting on the challenges of expanding production capacity, stressing that digital transformation and the use of artificial intelligence have become central to the competitiveness of companies.
For the president of Embraer, Francisco Gomes Neto, in addition to the Tax Reform, it is necessary to guarantee a strong macro scenario and international trade free from bureaucracy to strengthen the productive sector. He recalled that turbulence on the global stage has been constant:
“At Embraer, we deal with (the topic) with objectivity and focus, with a robust plan to define measures to mitigate crises,” he said.
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The leader of Dow in Brazil, Mariana Orsini, pointed out that the country needs to continue advancing in its industrial policy. According to her, the Inflation Reduction Act, approved by the Joe Biden government in the USA, is a good example from which Brazil can drink at the source. She recalled that Dow made a large investment in a polyethylene unit in Canada because there were clear rules, an abundance of raw materials and incentives.
“Tax benefits are essential for advances in the sectors that Brazil decided to choose”, he concluded.
The event was sponsored by BTG Pactual, Febraban, FenaSaúde, Gerdau and Philip Morris Brasil; and support from Assaí and Embraer.
