UN General Assembly
1989

The world continues to face a grave economic crisis. The relative resumption of growth in the rich countries has not been accompanied by the hoped-for beneficial trickle-down effect in the countries of the third world. Those countries, which are living in the most wretched conditions ever known in this century, as well as conflicts of various kinds, constitute a serious threat to the peace, stability and security of all mankind and warrant our keenest attention. In this regard, the economic and financial situation of Africa has aroused the greatest possible concern. The situation is exacerbated by such factors as the following: the deep structural imbalances that mark the world economy ; trade restrictions and protectionist pressures; deteriorating terms of exchange following the brutal plunge in commodity prices and erratic exchange-rate fluctuations; the intolerable growth of the debt burden; the negative flow of capital; and the lack of political will for the establishment of a just and equitable new international economic order.