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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 2 Who We Are Seven Years of Significant Accomplishments 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 3 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 4 Russia in Crisis: Economic Decline 3 5 Russia in Crisis: Economic Decline 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 6 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 7 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 8 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 9 $383.9 billion FX Reserves Thank You! Victor Sedov [email protected] +7-499-929-7927 www.cfe.ru 10