text: 285' Even the moderate grolrth performance of the devel.plng countries as a groupmasks marked differences in the performance of different groups of deveroprngcountries. Over the 25 years (1965-L9g5), output growth in the ne,,rlyindustrlalizing economies averaged 6 per cent i y""r, rrhereas in the leasEdeveloped countries growth averagea onry t:;-;,.ceht a year in the 1960s, rose only to a nodest 3.1 per cent overall in the iSZos anal fell to a low of2"1 pe. cent per year during the first hatf oi tne tggos. rndeed, growth in the low-income and least deveroped economres is not onry poor in conparison wi.th other groups of deveroping countries but also, oning to the high rate of populationgrotrth in these countries, stagnant in terms of p.orrfai-rrg improvements in their standards of livi nq.A/ 40 /5L9 Engl i sh Page 132 286. Although the overall average rate of growth in the world economy during this quarEer century was relatively qood by previous standards, there was. a disturbing tendency for i! to decelerate vrith the passage of time. The 1960s represented a decade of relatively steady and high grorrth in the r,ror ld economy, wich world output grorring on average more than 5 per cent a year. During the first Development Decade, despite the handicaps of poverty and the narrow expor! base of the developing market economies, the GDP of those econonies as a whole grew at a significantly bigher rate than in the developed market economies as a whole. As the 1960s came to an end, hosever, the rate of increase in rdorld production was falling from the peak recorded earl,ier in the decade. The 1970s, in contrast, were characterized by generally slow growth in nost world regions and unparalleled instability in the developed market economies. Following rapid growth during the first three years of che second Development Decade, severe fluctuations in the business cycle were recorded, one of them the steepest and deepest recession since the 1930s. When growth fattered in the developed market economies, the slowdown was transmitted directly to the develoPing economies by means of the strong export orientation of the latter to the former. The insLability in the developed market economies was also coupled with a virulenl inflation and hlgh unemployment levels
analysis: The text discusses economic growth and development, particularly in the context of developing countries. It highlights the differences in growth rates among various groups of countries and the impact of external factors such as international trade and economic instability on their development. The text also touches on the theme of poverty and its relation to economic growth.