text: corresponding reductions intheUnited States budget andpayments deficits. byitself, wouldbeamajorsteptowards eliminating thecurrent massive imbalances, butitwouldatthesametimeposeadditional threats toworld growthifthedeflationary impact ofareduced UnitedStates payments deficit notoffset bydemand expansion elsewhere. Sincethatwasunlikely tohappen on scalerequired inthedeveloped surplus countries, therecycling ofsurpluses to developing countries, accompanied bypolicy reforms fortheproductive abso ofsurpluses, wouldbecome imperative ifworldactivity wastobemaintained at sufficiently highlevel. Thatwastheinsight towhichtheproposal submitted Bolivia, onbehalf oftheStates Members oftheUnited Nations thatweremembers oftheGroupof77,tothecurrent special session soughttogivepolitical recognition byinserting thefollowing language intothedraftdeclaration:(Mr.Gurgulino DeSouza)A/S-18/AC.l/SR.l English Page3 especially amongthepoorest billion inAsiaandAfrica; andthethreat posedto theglobal environment bycurrent technologies fortheproduction anduseof material resources. 10.ItwastheGeneral Assembly's principal taskatthecurrent session toattempt toimpart anewdynamic totheworldeconomy and,inparticular, torenewand revitalize thedevelopment process inthethirdworld. TheUnited Nations University and,inparticular, theUniversity's WorldInstitute forDevelopment Economics Research (WIDER), hadbeendeeply involved forsomeyearsinstudying in depththevarious issues hehadmentioned. 12.Howsurpluses mightbestberecycled hadbeenamajorconcern ofthe University's WIDERInstitute. In1987,aWIDERstudygrouphadpublished aplan foraJapanese initiative torecycle international surpluses todeveloping countries. Thatplanenvisaged therecycling of$125billion overaperiod offive yearsbyacombination ofvarious institutional mechanisms. 13.WIDER's workconcerning thepotential supplyoffinancial resources to developing countries hadbeencomplemented byaWIDERestimate ofthepotential demand forresources, baseduponasample ofcountries, ifthethirdworldwasto embark uponapathof"socially necessary" growth inthe1990s. Socially neces growth hadbeendefined forthosepurposes asinvolving thepursuit ofminimum1------------------------ AlS-18/AC .1ISR.l English Page4 (Mr.Gurgulino DeSouza) basicneedsobjectives, thereduction ofunemployment toacceptable levels and improvements inincomedistribution. Socially necessary growthinthatsensewas fullyinlinewithakeyprinciple forinternational economic co-operation identified intheCanadian proposal submitted totheGeneral Assembly atthe current session, whichread: "Allhumanbeings haveabasicrighttoalifefree fromhunger, poverty, ignorance, disease andfear. Thereduction ofpoverty and greater equityinincomedistribution aremajorgoals". 14.Onthatbasis, thesocially necessary rateofgrowth required toreachthe development goalspostulated fortheyear2000turnedouttobeatleast 5.5percentperyearonaverage intermsofgrossdomestic product inthe1990s, ascompared with,forexample, the3.5percentachieved in1989,although the low-income countries wouldneedtodobetter. Tolaunch thedeveloping countries asawholeontothatgrowth pathwouldrequire anadditional annual inflowof external resources during thedecade amounting to$40billion in1990andrisingto $60billion bytheyear2000. 15.Amoredirectattack onthedebtburden ofdeveloping countries remained an essential element ofanyinternational strategy torevitalize thedevelopment process. Afurther WIDERstudygrouphadstressed theimportance ofdebtreduction onalargescaleforthehighly-indebted middle-income countries, bothforthe health oftheworldeconomy andforbroadmoralandpolitical reasons. The resources required tobringaboutdebtreduction onanadequate scalewere estimated at$50billion. 16.Itwasincreasingly recognized thattheadditional financing required by developing countries wasnotlikelytocomefromofficial transfers orother publicly-supported financial flowsalone, butwouldneedtobesupplemented by
analysis: The text appears to focus on the global economy, development, and poverty reduction, with a specific emphasis on recycling international surpluses to developing countries to stimulate their growth and reduce debt. It also touches on the importance of environmentally friendly technologies and socially necessary growth. These themes suggest that the text is primarily concerned with economic development and international cooperation.