Putin says Russia must diversify its economy

MOSCOW (Reuters) - President Vladimir Putin said on Thursday that Russia needed to take the opportunity to diversify its economy to protect it from external shocks. He told his annual end-of-year news conference: "Current external conditions are spurring us on, will make us more effective, switch us to the innovative development path." "We must guarantee private property, stop chasing people with the help of law enforcement bodies," he said. (Reporting by Elena Fabrichnaya, writing by Elizabeth Piper, editing by Timothy Heritage)