Maintaining macroeconomic stability and...

"The basic conditions for future development are responsible macroeconomic policies and a balanced budget. We can"t afford to live with a constant budget deficit of 6% [of GDP]. Otherwise, we"ll find ourselves in a debt trap," he said in an annual address to the country"s lower house of parliament.

Putin said the government intended to return the stable growth to the economy, take measures to build new industrial potential and support innovation.

"Perhaps the main thing is the qualitative development of sectors oriented to people," Putin said.

The prime minister said the government intended to reduce the budget deficit to 3% of GDP by 2012, eventually returning to a deficit-free budget that would allow the country to rebuild its international reserves.

RECESSION OVER

Putin said the Russian economy, hit hard by the 2008 global economic crisis, has moved out of recession and begun to recover.

"Since July last year, the Russian economy has

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