getting under way will, in our judgement, be closely linked to tffi formulation of a multilateral policy -regionally, hemispherically and globally -to the broadening of the areas of concurrence and of solidarity with Latin American countries and develoPing countries outside the region, .and to the fostering of progress and the consolidation of integration processes as well as the mobilization of caPacities for promoting co-operation. BCT/gt A/S-18/PV. 3 17 (Mr. Larco Cox, Peru) Crisis is by definition both risk and opportunity. In the delicate situation we are facinq today, the challenges of the 1990s should represent another opportunity to return to the path of economic qrowth and development. The sacrifices and demands will not be few. The qreat challenqe will certainly be to incorporate our economy into the intensifying world technological chanqes and to provide our society with the levels of well beinq and Progress they justly deserve. The unquestionable interdependence of the world economic system demands from us, in the context of the quest for competitiveness, the modernization of the productive structure, the consolidation of the governmental institutions and the strengthening of our social organizations. Only in those conditions and in the framework of an appropriate international context can stabilization and adjustment policies protect the most depressed social sectors, shielded with specific programmes to prevent such vulnerability and to obtain, over the medium term, positive macro-economic results. We are at a crossroads. Almost 10 years have passed since, in this very Hall, negotiations for an aqreement on measures that the industrialized world should have adopted to improve the situation of the developing countries failed. We do not want to see that situation repeated. If we wait for the next millennium, it may be too late for many of our countries. The responsibility will be that of the 
**Analysis**
The text discusses the challenges and opportunities for economic growth and development in the 1990s, emphasizing the need for a multilateral policy and cooperation with developing countries to achieve this goal. It highlights the importance of modernizing the productive structure, consolidating institutions, and strengthening social organizations to ensure competitiveness and stability.

**Category**
Economic development, International trade