text: The first scenario predicts that in the 1990s we are likely to see a more differentiated world, with many third world countries being marginalized. That danqer has been clearly spelled out in the views expressed by the Vienna chapter of the Group of 77 when commenting on the fourth United Nations International Development Strateqy. It stated: "Developing countries as a whole now appear to be running the risk of marginalization in en intensified process of globalizinq industrial production. Real foreign direct-investment flows to developing countries have decreased substantially, as hcs their share in total foreign direct-investment outflows from developed market economies." Singapore is deeply commit ted to bu ildinq a more just and equal world. Towards that end we stronqly support all efforts to create a new qlobal oovenant, which should focus on develoPinq a new economic PartnershiP between North and South. Singapore's future is intimately linked to and dependent on a qrowing global economy characterized by expandinq world trade, stability in international financial and monetary systems and viable international economic institutions. We believe that we all share a comJOOn. economic future, and that it is necessary to adopt an integrated approach in promotinq sustainable economic growth. BCT/ASW A/S-18/PV.8 81 Mr:.-MORTENSEN (Denmark): Allow me, first of all, to oongratulate Ambassador Joseph Garba upon his election as President of the eighteenth special session of the General Assembly -the first special session since 1980 devoted to international economic co-operation -and to extend these congratulations also to the other members of the Bureau. The Foreign Minister of Ireland, speaking on behalf of the European CommunitY and its member States, has already, at the outset of this debate, put forward the Community's position on the subject-matter before us. I shall therefore limit myself to a few supplementary remarks, pointing to some of the issues which are of 
analysis: The text appears to be discussing the global economy, the impact of globalization on developing countries, and the need for international cooperation to address this issue. It also mentions the importance of sustainable economic growth and the need for a new global covenant to promote economic partnership between North and South. The language used is formal and diplomatic, suggesting a UN setting.