President Vladimir Putin on Friday hailed Russia's economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports. His optimistic account in a speech at the St. Petersburg International Economic Forum contrasted with somber statements by some members of his government who warned at

Economy Minister Maxim Reshetnikov delivered the warning at the St. Petersburg International Economic Forum, the annual event in Russia's second largest city designed to highlight the country's economic prowess and court foreign investors.

Economy Minister Maxim Reshetnikov said earlier during the St. Petersburg Economic Forum that the economy is “on the verge of going into a recession.”