Craft in the City

Restoring The Russian Economy

The Russian economy has been plagued with reports of a falling economy. Resulting in investors pulling their money out of the country. Russian Economy Minister Alexei Ulyukayev announced that the economy grew by 0.8 percent in the first quarter, even though the forecast was a 2.5 percent increase.

The Crimean tensions are the latest problems that have contributed to the economic slowdown. According to Bloomberg Businessweek, the expansion of Russia’s $2 trillion economies slowed for a fourth year in 2013, with consumer spending falling and investment sagged along with demand for energy.

Entrepreneurial talent and capital are leaving the country at a fast rate; therefore Alexei Beltyukov realizes that something needs to be done to improve the situation. Alexei Beltyukov is one of the founding fathers of the Skolkovo Foundation. The Skolkovo Foundation is a government sanctioned organization that works to promote technology, business, and innovation across Russia. Alexei believes the best way to help the economy is the help the entrepreneurs to feel confident and in a position to invest and therefore open up jobs and overall improve the Russian economy from its current condition.

Over a thousand Russian businesses have already benefited from grants and tax breaks awarded by the foundation, and according to a recent article in the Moscow Times, business development through the Foundation has resulted in the creation of over 13,000 jobs. The recent reports have been dishearting however with the hard work, and help of the Skolkovo Foundation Alexei believes that there is hope for a bright future in Russia.  Read more about Alexei and his plans on About.me.

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