text: co-operation forthegrowth oftheworld economy andinparticular, the revitalization ofeconomic growth anddevelopment ofthedeveloping countries, basedonthefollowing considerations: "1.Recognition bytheinternational community thatinanincreasingly interdependent world, thedeveloping countries canplayanimportant roleinthe stabilization, growth andexpansion oftheworldeconomy, fortheprogress and prosperity ofallpeoples. "2.Theexistence oftwothirdsoftheworldpopulation doomedtoalife ofdeprivation andabject poverty cannot continue. "3.Recognition oftheneedtostrongly support theefforts ofthe developing countries insolving theirgraveeconomic andsocial problems through thecreation ofafavourable international economic environment. "4.Initiation ofanenlightened andvigorous international economic co-operation basedonheightened awareness oftheurgent needtoprovide just andequalopportunities toallpeoples andtohelpthemdevelop theirfull potential within theirownvalues, infullexercise oftheirsovereign rights. "5.Thenecessity ofshaping anddirecting theoutcome ofthemomentous events currently underway,towards apositive transformation ininternational relations amongnations leading toamoreinterdependent andintegrated world, freefromintolerance anddiscrimination, hunger anddisease, oppression and exploitation, illiteracy andpoverty, andaboveall,warandconflict. Inthis context, westress theneedtoutilize thepeacedividend topromote the objectives andcommitment contained inthisDeclaration. "Assessment ofdevelopments inthe1980s "6.Inthelastdecade, theworldeconomy hasbeencharacterized by relatively slowgrowth andbyglobalfinancial andtradeimbalances. Within thisoverall picture, thesocia-economic experiences ofcountries andgroups o( countFies havebeendiverse. Developed market-oriented countries havesucceeded toalargeextent incontrolling inflation andinmaintailling steady and uninterrupted, though modest, growth. However, manycountries, particularly developing ones,haveencountered serious difficulties intheirattempt toadapt tostructural changes andtobenefit fromtheeconomic growth ofindustrialized countries. /...A/AC.233/L.7 English Page6 "7.Asanessential feature, the19805werecharacterized bylackof appropriate andeffective macro-economic policy co-ordination andsurveillance. Thishasresulted inincreasing domestic structural andfiscal imbalances inthe countries whoseeconomies havethelargest impact ontheworldeconomy, and greatinstability intheinternational financial markets andexchange rates. These,inturn,haveprovoked unstable andexcessively highinterest rates, whichinrealtermshaveremained athistorically highlevels. "8.Another feature ofthe19805hasbeenthemultipolarization ofthe global economic str~cture. JapanandtheEuropean Economic Community have emerged asneweconomic andfinancial centres. "9.Ontheotherhand,Eastern European countries remained apartfromthe worldeconomic system during mostofthedecade. During thisperiod, these countries lagged behind inproductive andmanagerial efficiency. Theirtrade poLdcLea weremarked byisolationism andprotectionism. Asaresult, theneed forstructural transformation grew. Sweeping political andeconomic changes erupted inthesecountries attheveryendofthedecade, opening newchallenges andopportunities forthe19905. "10.Theroleofdeveloping countries intheworldeconomy hasbecome increasingly marginal andtheirparticipation ininternational tradeandfinance hassubstantially decreased. further widening thegapbetween thesecountries andthedeveloped ones. "II.Living conditions inmostdeveloping countries particularly in Africa, LatinAmerica andtheCaribbean andmanyinAsiahavedeteriorated, in comparison tothelevelsofthe1960sand1970s. Economic andsocial infrastru~ture, painfully builtovertheyears, haveeroded seriously, thtlS
analysis: The text discusses the importance of international economic cooperation for the growth and development of the world economy, particularly for developing countries. It highlights the need for fair and equal opportunities, the need to address global imbalances, and the role of developing countries in the global economy. The text also provides an assessment of the developments in the 1980s, including the lack of macro-economic policy coordination, the emergence of new economic centers, and the deteriorating living conditions in many developing countries.