UN General Assembly
1979

259. The powerlessness of the developed market economy countries to overcome the chronic imbalances of their balance of payments, the rates of inflation and unemployment, which have remained high, the increase in the price of oil and the new rigidity in markets attested to by the rise of protectionism, which has prevented the restructuring so necessary for the effective development of production, are all factors which leave us no grounds for expecting a balanced and prosperous world economy in the next decade. 260. Not only is progress towards a solution of the problems which have so long disturbed the developing countries in danger of being curbed, but the fundamental problems themselves have now been exacerbated by a number of new elements of disequilibrium which have become apparent in recent years.