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Putin: Russian Recession is Over

Russian Prime Minister Vladimir Putin (file photo)

Russian Prime Minister Vladimir Putin says the country's recession is over, but adds that does not mean the economic crisis has ended.

In his yearly report to parliament Tuesday, Mr. Putin said Russia was much better prepared to meet the economic challenge than in past years.

He said economic growth since the 1998 crisis, when the ruble collapsed, allowed Russia to act decisively this time like a strong power should.

The prime minister said the Russian government was able to avoid cutting social spending and freezing pensions and salaries through state guarantees to companies.

Mr. Putin predicted the Russian gross domestic product will grow a little more than three percent this year after shrinking almost eight percent last year.

But he said the country should continue a conscientious financial policy so that Russia does not have to turn to anyone for help.

Some information for this report provided by AFP.