countries, conditionality and the need to improve the present mix between financing and adjustment over the medium term. This discussion leads naturally to the need for an expanding world trade environment, with reduced protectionism, lower interest rates and a growing world economy as a major condition for a lasting solution to the present imbalances. The present massive transfer of resources through trade surpluses is clearly unsustainable in the years ahead. 92. The fourth policy issue arises from the recognition that, although most low- income developing countries, taken in isolation, do not pose a serious threat to the economic stability of the present monetary and financial arrangements, as a group they have become increasingly important trading partners in the world economy. There is a need to recover the momentum for growth and the consensus for development which once existed. This will need improved domestic management as well as a reconsideration of the present attitudes in some major donors towards aid -19- and particularly of the need for imaginative forms of co-operation between public and private capital flows, which are complementary rather than substitutes for each other. 93. Discussions and policy recommendations in each of those four areas will have to take into account the fact that there has been a major shift in policy attitudes and policy perceptions in major countries, which will affect the world economic situation for years to come. 94. Those shifts have been particularly significant in three crucial areas: (a) there is greater emphasis on the role of domestic policies in adjusting to the changes in the world environment, (b) the role of the private sector is given greater stress both on the national and the international levels, and (c) bilateral and regional action has been gaining on multilateral action. 
**Analysis**
The text discusses global economic issues, such as trade, financing, and adjustment, and the need for a sustainable solution to the present imbalances. It also touches on the importance of low-income developing countries as trading partners and the need for improved domestic management and international cooperation. These topics suggest that the text is primarily focused on economic development and international trade.

**Category**
International trade, Economic development