RIO DE JANEIRO, Jan. 2 (Xinhua) -- Brazil's new Economy Minister Paulo Guedes took office on Wednesday and highlighted privatization, social security reform and simplification of taxes as pillars of his administration.

The Ministry of Economy was created by new President Jair Bolsonaro who was sworn in on Tuesday, and it gathered the previous Ministries of Finance, of Planning and Budget, and part of the Ministry of Industry, Trade and Development.

Local press dubbed the new ministry as "superministry", but Guedes rejected the term.

He blamed excessive government spending for Brazil's poor economic situation, describing it as the "greatest evil" in Brazilian economy.

Guedes called for congressional help to approve the social security reform. It remains unclear whether the government will be strong enough to easily approve the reform, as the new Congress, which will take office in February, will be divided, given the results of the 2018 election.

According to Guedes, Brazil will have a decade of steady growth if the reform is approved.

In addition, Guedes plans to unify several federal taxes in one, in a move to simplify tax collection. He defended a tax burden of up to 20 percent of the GDP, against the current burden of 32 percent.

The new minister also called for an ample privatization plan.