What Russia Needs to Boost Their Economy

Educator and Skolkovo Foundation creator Alexei Beltyukov says Russia can get its economy out of the doldrums if they just follow his advise. Beltyukov insists that the Russian economy was on the slide before the clash with Crimea. Although there were predictions that things were on the up rise, it didn’t quite pan out that way.

The Russian market are shaken. The stock index dropping by 10 percent didn’t help. In fact, it is estimated that Russia lost some $7 billion. This is devastating in comparison to 2013 when only $63 billion was lost for the entire year.

Russia’s Gross Domestic Product (GDP) has also slowed in the last few years. Although the prediction was a modest 3.2 percent, it turned out to be a dismal 1.2.

Alexei Beltyukov says something must be done immediately to help the situation. He says that businesses need more support from the government if they want to stimulate the economy. Beltyukov’s Skolkovo Foundation helps several entrepreneurs gain their footing. Consultation, business strategies and tax breaks are only a small part of what they receive.

Beltyukov says if he can do this, he knows others in Russia can do the same. “It’s all about inspiring people to do their best.” Through his foundation’s assistance, more than 10,000 jobs have been created.

The foundation has a passion for helping others. Beltyukov says he is hopeful that the Russian government will get on board and do their part. “A rising tide lifts all boats,” says Beltyukov. “If we have any chance of regaining what was lost, everyone in a position to do so must help.” Beltyukov is an INSEAD graduate, so he definitely knows what he’s talking about in that regard. Only time will tell if Russia will listen.

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