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    Russia's Medvedev hails positive trends in economy, warns against complacency

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    Russian President Dmitry Medvedev said on Tuesday that the economy was demonstrating positive trends but warned against complacency.

    Russian President Dmitry Medvedev said on Tuesday that the economy was demonstrating positive trends but warned against complacency.

    "The economic situation in the country has improved considerably since the preparation of the budget message on the 2010-2012 budget policy. Certain positive trends have manifested themselves in the Russian economy and some of its sectors are demonstrating the signs of growth; the financial and banking systems function uninterruptedly," he said.

    At the same time, the Russian economy continues to depend on global raw materials markets, Medvedev said.

    "Sufficient conditions and stimuli have not yet been created to introduce and develop modern technologies, boost the economy's energy and ecological efficiency and labour productivity and stimulate economic sectors and industries rolling out products with high added value, implement innovation projects and modernize the country's social and economic system," he said.

    Medvedev said the specifics of the Russian economy created a host of challenges and risks for its further development, with the most serious danger stemming from situational external factors largely linked to global oil prices that could lead to unjustified complacency, which was often seen in the past, and the failure to use the chance for the country's modernisation.

    He added that Russia must limit reliance on revenues from its key oil and gas industries and balance the budget with other funds.

    "In the mid-term, use of oil and gas revenues should be limited, with the focus on a balanced federal budget with reasonable oil price forecasts," Medvedev said.

    MOSCOW, June 29 (RIA Novosti) 

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