indeed most fittinq that you, Sir, an illustrious son of Africa, with vast and varied experience, should have been elected to preside over our deliberations. JSM/bq A/S-18/PV.lO 16 (Mr •-Min; -t4l anmar) This special session has raised the hopes and exPectations of the developing countries for a better and fuller tomorrow. The very fact that we are qathered here is perceived by them as a clear testimony to the growing realization by the international oommunity as a whole that Priority should again be accorded to Qrowth and development, in particular to the economic well-being of the developinQ countries. Clearly, the disappointi nq record of the last decade underscores the need for the global family to take stock of the situation and to translate our hopes and concerns into improved international economic co-operation resulting in concrete action. This special session provides us with a unique opportunity to work together to forqe a new consensus - a oonsensus that would again put qrowth and development at the top of the international economic agenda and one that would take full CX>Qnizance of the need to focus attention on the pliqht of the develoPing c:ountr i es. In the 1980s, the virtues of domestic economic adjustment were impressed ucon developing countries. But as we have seen, proQrammes of adjustment and reform which developing countries carried out in earnest did not alwavs yield the desired results. This was due largelv to the absence of an international economic environment conducive to and supportive of these efforts. Some of the features t:hat characterized the global economy durinq the past decade and which impeded economic growth and development of the developing countries were, among others: risinq debt leading to a net transfer of resources from developinq to developed countries, reduced financial flows to the South; falling commodity prices, adverse 
**Analysis**
The text primarily focuses on the economic development of developing countries, discussing issues such as growth, development, debt, financial flows, and international cooperation. It also touches on the theme of international economic cooperation and the need for a new consensus to prioritize growth and development. The language used is formal and diplomatic, suggesting that the text may be a speech or a document from an international organization.

**Category**
Economic development, International trade