Instability in the international financial system continues to be a serious problem and requires urgent attention. The tenth United Nations Conference on Trade and Development took place in a country and a region that were at the centre of one of the most severe financial and economic crises of recent times, which had an adverse effect on almost all developing countries. This happened, for example, in East and South-East Asia. Within a relatively short period, through various sound national responses, and with the cooperation of the international community, the countries concerned have been able to meet the challenge of resuming growth and are now emerging from the crisis with a renewed sense of confidence. This demonstrates the power of human spirit when it mobilizes collective efforts to address the challenges of globalization.
Formidable challenges remain.
Countries affected by the crisis have had to address their structural problems, which have been magnified by social and human suffering and dislocation. They must, with the assistance of the international community, define strategies that will strengthen and sustain growth while allowing for a rapid return to the levels of human and social development seriously undermined by the crisis. They must also transform their institutions into efficient instruments for the implementation of these strategies. These characteristics are among the necessary conditions for sustained economic growth and sustainable development. We must take purposeful action to avoid, and mitigate the risks of, future crises.