UN General Assembly
1974

79. The international economic situation is gloomy. A perusal of some of the statements made earlier in this Assembly indicates that an economic catastrophe of a global nature is just around the corner. At the sixth special session held in April to consider the item " Study of the problems of raw materials and development", my delegation stated our case for international compensation to those countries that could not with-stand the pressure of the inflation brought about by the general increase in prices of the key inputs required for development. May I be permitted to quote some observations from the statement I made at the special session. I said: "Owing to their reserves and their vast resources backed by modern technology, the rich nations have been able to cushion the shock of the crisis. On the other hand, the worst victims are the developing countries, in particular the land-locked least developed countries, which find themselves in a situation in which their survival is imperiled unless immediate remedial measures are set in motion."