Transcript Mission: Accelerate Entrepreneurship in Russia

Russia and the
Global Economic Crisis
Economic Impact & Responses
by Victor Sedov
President
The U.S. Russia Center for Entrepreneurship
Who We Are
Our Offices:
Moscow
Enterprise
Fund
The
U.S. Russia
Investment Fund
Mission: Accelerate
Entrepreneurship in Russia
St. Petersburg
Nizhny Novgorod
Network Learning Events
Catalyst Organization
Entrepreneurship Education
Sponsoring Entrepreneurship
Development Initiatives
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Who We Are
Seven Years of Significant Accomplishments
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400 events organized or supported
30,000 attendees at events
4,250 contacts in database
$550,000 of matching funding used to match an additional
$1.9 million for 21 projects
10 training modules developed
21 FastTrac Planning trainings for 322 Entrepreneurs
85 Russian professors trained in entrepreneurship education
52 articles published in Entrepreneurship Insights e-Bulletins
Launched Russian Association of Entrepreneurship Education
Supported research that influenced SME policy making
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Who We Are
Our Russian Partners & Membership Organizations
OPORA (All-Russian
Organization of Small and
Medium Enterprises)
Delovaya Rossia
(Association of Mid-sized
Russian Companies)
Junior Achievement Russia
Russian Association of
Business Education
Vedomosti Business
Newspaper
Moscow Entrepreneurship
Association
General Director Magazine
Moscow Entrepreneurs’ Club
Russian Union of Industrialists
and Entrepreneurs
My Business Magazine
St. Petersburg State University,
School of Management
Russian Microfinance
Center Foundation
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Russia in Crisis: Economic Decline
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Russia in Crisis: Economic Decline
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9.5% fall in Russia’s GDP
14.9% fall in industrial output
20.8% fall in manufacturing
10.2% unemployment in April 2009
36% fall in the U.S.-Russia trade
Consumer confidence at a ten-year low
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Government to the Rescue
 $43 billion on retraining
programs
 Support for strategic
industries
 Increasing state purchases
 Promoting economic
diversification
 Support to banking lending
programs for business
 Gradual ruble devaluation
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Government to the Rescue
of Small and Medium-Sized Business
 Cutoff for using simplified
tax system raised
 20,000 micro loans up to
$3,000 available
 $500 million in SME loan
guarantees
 $2,000 for unemployed to
open a business
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Encouraging Signs Evident
 100% rise in stocks from March
low
 9.5% fall in wage arrears from
March to April
 Inflation decelerating
 Interest rates cut
 Slower decline in Purchasing
Manager’s Index in April
 15% rise in ruble vs. dollar since
February low
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 $383.9 billion FX Reserves
Thank You!
Victor Sedov
[email protected]
+7-499-929-7927
www.cfe.ru
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