UN General Assembly
1973

34. Regarding the economic situation, we shall take the opportunity to deal with most of the questions related to it when they come before the Second Committee. Here I shall mention only that the failure of the first United Nations Development Decade and the unsatisfactory application of the recommendations adopted at the third session of the United Nations Conference on Trade and Development [UNCTAD], together with the disappointing results of the years that have elapsed since the coming into force of the Second United Nations Development Decade, means that the International Development Strategy [resolution 2626 (XXV)] cannot be viewed without profound anxiety. We note with regret that the attitude of some of the developed countries has not in any way been conducive to an international economic order in compliance with the target set for the International Development Strategy. The burden of heavy external debts on the economies of developing countries is increasing while the flow of external assistance is decreasing in proportion to the growing needs of the developing countries. Meanwhile, the arms race, as I mentioned before, continues to absorb large sums of capital.