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Full Article Follow Reuters Facebook Twitter RSS YouTube Read Apple to ship new iPhone in September: sources 7:29am EDT UPDATE 4-AT&T weathers iPhone exclusivity loss 10:02am EDT Obama defends U.S. deficit plan, sees common ground | 9:19am EDT Fox to punish leaks after "Glee" spoiler 6:01am EDT Michelle Obama's plane was too close to other jet 3:37am EDT Discussed 96 Palin returns with feisty, anti-establishment speech 74 UPDATE 1-Geithner says Congress will pass debt limit increase 50 Senate panel slams Goldman in scathing crisis report Watched Cupless bra combats cleavage crinkle Fri, Apr 15 2011 VW unveils new sporty Beetle Mon, Apr 18 2011 German scientists develop thought-controlled car Tue, Apr 19 2011 Putin warns Russia against economic complacency Tweet Share this By Gleb Bryanski and Timothy Heritage MOSCOW (Reuters) - Prime Minister Vladimir Putin said Wednesday Russia was emerging powerfully from the global financial crisis but must reduce its reliance on energy and raw materials to see off external... Email Print Related News Putin says Russia can be one of top five economies 6:10am EDT Highlights: Remarks by Russian PM Putin in annual report 8:48am EDT Putin says no plans to crack down on Internet 9:34am EDT Snap Analysis: Putin keeps Russia guessing on 2012 vote 11:13am EDT Analysis & Opinion Saudi handouts ratchet up “fair price” of oil Long Asia on the inflation blame game Related Topics World » Russia » Russia's Prime Minister Vladimir Putin addresses the parliament at Russian State Duma in Moscow April 20, 2011. Credit: Reuters/Alexsey Druginyn/RIA Novosti/Pool By Gleb Bryanski and Timothy Heritage MOSCOW | Wed Apr 20, 2011 11:13am EDT MOSCOW (Reuters) - Prime Minister Vladimir Putin said Wednesday Russia was emerging powerfully from the global financial crisis but must reduce its reliance on energy and raw materials to see off external threats to its economy. In a speech to parliament, he did not say whether he and President Dmitry Medvedev had agreed which of them would run in next year's presidential election but underlined his own credentials by outlining his government's economic achievements. Putin told the State Duma lower house in his more than two-hour annual report that inflation would not exceed 6.5 to 7.5 percent in 2011 and that gross domestic product grew by 4.4 percent in the first quarter of the year. He also made a number of promises likely to please voters, including putting aside $2.7 billion for a possible increase in state pensions in August. Other spending pledges included support for farmers, teachers and the military. But he said Russia faced unspecified external threats to its $1.5 trillion economy and the country of 143 million people could not afford to sit back after overcoming the worst of the financial crisis. "Based on GDP, Russia should enter the ranks of the five leading countries (by 2020)," he told deputies, adding that GDP per capita should more than double to $35,000 by then. "The current beneficial environment in the raw materials and hydrocarbons (markets) should not make us relax. The oil boom we are witnessing only underlines the need to move quickly to a new model of economic development." High oil prices helped fuel Russia's economic resurgence during Putin's 2000-2008 presidency and the price of oil, Russia's main export commodity, is up 28 percent this year. But the economy is over-reliant on energy and raw materials exports, and any fall in the oil price will have a big impact on its overall economic performance unless it diversifies. "Economic weakness and sensitivity to external shocks result in threats to national sovereignty," Putin said, calling for a decade of "strong, calm" economic development and referring to unnamed groups which he said wanted to destabilize Russia. Putin compared Russia favorably with indebted European countries which have had to be bailed out and, criticizing the U.S. policy of quantitative easing under which central banks flood the market with money, pointed out that the United States' triple-A credit rating was under threat. PRESIDENTIAL ELECTION LOOMS Putin underlined his intention to keep a lid on inflation, one of the biggest threats to economic stability, by saying the unexpected windfall from oil revenues would not be spent and should instead be kept in the state reserves. Russia has struggled to attract as much direct foreign investment as it wants but Putin said he expected the annual sum to rise soon to $60-$70 billion from $40.5 billion in 2010. He also said that by 2015 he expected birth rates to rise by 25-30 percent from 2006 levels and average life expectancy to grow from 69 to 71 years because of $53 billion worth of state investment in demographic programs. 1 2 Next World Russia Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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