workers. Estimates indicate thatafreezeinmilitary spending couldresultina significant increase inworldGDPandcapital stockbytheyear2000,withgains forboththedeveloped andthedeveloping countries. Agradual reduction in military spending wouldleadtoevengreater benefits. Notes y ReportonAfrican Development BankandEconomic Commission forAfrica, Economic Africa1984(Abidjan andAddisAbaba,1984),p.47. 1IOfficial Records oftheEconomic andSOcialCouncil, 1985, Supplement No.9(E/1985/29), annexI,para.4. I...A/40/5r9 EngIi sh Page 25 III. WORLD ECONOMIC PROSPECTS FOR THE BAI,ANCE OF TIIE DECADE oF TBE I98Os 54. The first half of the 1980s witnessed a perid of severe recession (1980-1982), the longest of several 6ince the end of the Second world war, and a subseguent recovery of llmlted scope and intengity. The wor ld econooy in 1985reflects some progress, but still give6 cause for much concern. Uncertaintiee remain and probleo:r need to be redolved, partlcularly wlth reference to the contradictlons in objectives of government policies, viz., the desire to increase labour productivlty, l,ith the need for decreasing unemployRent t Ehe world-t iile search for foreign markets and export alyna0ism, with the efforts to reduce imports aimed at solving ba lance-of-payments problems, the obligation of debtor countrlesto repay and service tlebts, and refusal to adnlt the latterrs e:(porta lnto the domesti.c markets of credltor countrieat and the need to balance objectives of achleving faster growth and prlce Etability, to mentlon ju6t a few. 55. The present section providee a brief overvlew- of recent trends of the vtorld economy and assesseg growth prospects for the balance of th€ decatle of the 19805. A baseline scenarlo assumeg "no-change" or a continuation of present policies at the national and international Levels, and alternative scenarios explore the impactof policy changeE aimed at 6trengthening norld econooic. recovery and accelerating gro$th in deveLoping countriea. 55. Arpng the analytical toola used for this exercise 8re global multl-country econometric models of the United NatlonE Secretariat and those naintaineal by academic and research institutlong, notably the econooetric models of the LINK
**Analysis**
The text appears to be discussing the economy, specifically the global economy, and its prospects for the 1980s. It mentions military spending, recession, recovery, and policy changes, which suggests a focus on economic development and international trade.

**Category**
Economic development, International trade