Vladimir Putin waved away any fears for globalization but warned against ignoring its negative effects. Vladimir Putin made this statement as he answered questions after his speech at an APEC business meeting. "Globalization is an objective process. I say this as a citizen of the country which has suffered immensely from isolation," he added. In the opinion of the Russian leader, nothing can be worse than isolation crippling the economy of any country. But Vladimir Putin also called for being alert to negative consequences entailed by globalization and for working out joint action to overcome them. He urged industrialized countries having certain advantages over the others to realize that abusing such advantages will boomerang in the perspective. Putin is certain that the failure to create a new effective system of international economic relations will plunge the world into new economic crises. Still, the most important thing, continued Putin, is the necessity of doing away with poverty, the breeding grounds of corruption and terrorism. The problem is treated in one or another way by leaders of major countries and most of them share this view. "This question wants consensus and I think it is possible," said the Russian leader. One of the female conferees asked Putin to dwell on globalization on behalf of the young generation of the Russians. He thanked her for considering him to be a young man, causing smiles and applause from the business forum.