UN General Assembly
1980

173. Inflation, recession, protectionism, unemployment, payments deficits—these are words which arise in describing the general character of the world economic scene. Since the start of the energy crisis and the breakup of the international monetary system in the 1970s, there has been no cohesion in the international economic mechanism. Conflicting economic interests among and between nations, rising protectionism and restrictive policies mark the desperate search for economic security. There has been no reversal of these adverse trends and the intervals of relative stability have been brief and uneasy. A development strategy for the coming decade would need a much more favourable environment. 174. Major economic challenges facing the world community are the problems of population growth, shortages of food and energy and environmental pressures. The question facing the world community is whether man has the ability to reorganize the material conditions of life so as to create a reasonable international economic system.