UN General Assembly
1982

to pay a sincere tribute to the Secretary-General for his commendable efforts to preserve international peace and security. 180. The critical situation in the world not only political in nature; it is also economic. Indeed, the international economic situation gives us growing cause for concern. The persistence of this economic crisis, which has lasted more than a decade and continues to deteriorate, brings to light a long-term structural phenomenon: monetary upheaval, galloping inflation, constantly soaring interest rates, unbearable instability in the balance of payments, and increased indebtedness are its main characteristics; they have harmful effects upon the economies of the developing countries. 181. The development of those countries is seriously handicapped by that situation. Their investment capacity is reduced. The acute deterioration in the terms of trade dangerously decreases their expected export revenues. Their production effort is affected and economic stagnation is compounded by social stagnation because of the increase in unemployment. 182. Until recently we have devoted our efforts only to the external manifestations of this economic crisis and have attempted to