UN General Assembly
1987

Most developing countries, like mine, are heavily dependent upon a very limited range of primary commodities for their export earnings, with the result that wide price fluctuations in world commodity prices of our young, fledgling economies. The unemployment problem in the developing countries is fast approaching crisis proportions and is threatening serious consequences for the socio-political stability of those young countries. Unemployment is rising not only as a result of stunted economic growth in most developing countries, but also because the numbers for whom jobs must be found are multiplying at rates that far outstrip the sluggish pace of economic growth in those countries. The economic problems of the developing countries are further compounded by generally low commodity prices and unfavourable exchange rates which cause severe balance-of-payments difficulties and the chronic shortage in those countries of foreign exchange to pay for essential imports and spare parts needed for production activities.