UN General Assembly
1982

42. However, the effects of this crisis situation on the countries of the South are even more devastating. The non-oil-exporting developing countries have experienced over the past three years a deterioration in their terms of trade unequalled in history. Their often successful efforts to increase exports have been neutralized by declining foreign exchange revenues, leading to spiralling pauperization Years of patient investment in the creation of an export infrastructure, which made it possible for consumers in developed countries to acquire products from the South on advantageous terms, have been frustrated by insurmountable protectionist barriers. The persistence of high interest rates makes existing long-term investments unprofitable and threatens to undermine the viability of projects which are indispensable for overcoming present difficulties. The high cost of foreign debt servicing has created impossible situations for certain countries, as shown by recent events which have dramatically affected a few of the most promising countries of the South.