UN General Assembly
1982

general Assembly at its thirty-fourth session we should like to emphasize that it is not possible to find any solution to such problems except on the basis of a common, universally accepted approach to the current global economic problems involving all States, and through agreed solutions regarded as permanent and fair by all. 177. Since then, to our regret, my delegation has not seen any positive development in the global economic negotiations. On the contrary, it has witnessed a clear general deterioration in the economic situation in many countries of the world, and particularly in the developing countries. The obvious decline in the developing countries' terms of trade, the large increase in the cost of capital, inadequate demand for those countries' exports, frequent resort to the policy of protectionism, continued application of stringent and unfavourable terms for the transfer of technology to those countries—all this has weighed heavily on the economies of developing countries, disrupted their economic growth and led to a sharp increase in their balance-of payments deficit and foreign indebtedness. 178. Like any other developing country, the