Paulo Guedes

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Paulo Guedes
Davi Alcolumbre com Paulo Guedes e João Doria durante o Terceiro Forúm dos Governadores (cropped).jpg
Minister of the Economy
Assumed office
1 January 2019
PresidentJair Bolsonaro
Preceded byEduardo Guardia
Personal details
Paulo Roberto Nunes Guedes

(1949-08-24) 24 August 1949 (age 69)
Rio de Janeiro, Brazil
EducationFederal University of Minas Gerais
Getúlio Vargas Foundation
University of Chicago (M.S., Ph.D.)

Paulo Roberto Nunes Guedes (born 24 August 1949) is a Brazilian economist and co-founder of the investment bank BTG Pactual. He is also a co-founder of the think-tank Instituto Millenium, and was the economic advisor for the campaign of President Jair Bolsonaro.[1] He currently serves as the Minister of the Economy in the Bolsonaro administration.[2]


Born in Rio de Janeiro, Guedes attended the Federal University of Minas Gerais as an undergraduate,[3] and later received a master's degree in economics from the Getúlio Vargas Foundation. In 1974 Guedes moved with his wife to the United States to attend the University of Chicago. Then an advocate of Keynesian economics influenced by Paul Samuelson and Franco Modigliani, Guedes adhered to liberalism while attending the University of Chicago, where he was taught by Milton Friedman. His areas of academic focus included macroeconomics, international commerce and econometrics.[4] Guedes received his Ph.D. in 1978.[5]

In 1983 Guedes was one of the co-founders of Banco Pactual, now BTG Pactual, alongside André Jacurski and Luiz Cezar Fernandes. During the 1980s he was a professor of graduate economics at the Pontifical Catholic University of Rio de Janeiro, the Getúlio Vargas Foundation and the National Institute for Pure and Applied Mathematics.[3][5] During the military dictatorship of Chile, Guedes was a professor at the University of Chile.[4] He is a co-founder of the liberal think-tank Millenium Institute.[6] From 1983 to 1999 Guedes was executive director of Ibmec. Guedes was also a columnist for O Globo, Folha de São Paulo and Exame.[7] Guedes published a piece for the Globo newspaper in 2017 praising Operation Car Wash and the judiciary's efforts to curb corruption and impunity.[8]

Currently, Guedes is a partner at Bozano Investimentos.[1]

As of October 2018, Guedes is being probed by the Federal Public Ministry (MPF) for allegations that he mismanaged investments received from public pension funds. Guedes has denied wrongdoing and said the investigation is politically motivated and "meant to confuse voters".[9][10] In December 2018 the Federal Police accepted the MPF's request to open an investigation into Guedes's practices regarding pension funds.[11]


Guedes has never been affiliated with a political party,[6] but in 1989 was responsible for the economic proposals of the campaign of liberal candidate Guilherme Afif Domingos for the presidency.[12]

In 2018 Guedes was named as the economic advisor for the campaign of Jair Bolsonaro in the 2018 presidential election.[6] Guedes is the candidate's likely pick for Minister of the Economy in a future cabinet.[3][13] As Bolsonaro's economic spokesperson, Guedes has advocated for the privatisation of a couple state-owned companies, and has defended some of the reforms of President Michel Temer, such as limits to public spending and higher interest rates for loans from BNDES. Guedes supports a single, value-added federal tax instead of Brazil's current tax system.[14][15] He also defends income tax exemption for people who make up to five minimum wages (as of 2019, the minimum wage in Brazil is R$998/month).[16][17]

Guedes was confirmed as Bolsonaro's pick to head the Ministry of the Economy. Guedes's ministry encompasses treasury, planning, budgeting, industry and commerce.[2]

See also[edit]


Government offices
Preceded by
Eduardo Guardia
Minister of the Economy