countries forthemediumtermarealsoexamined. Thelong-term outlook, extending through theyear2000,assesses longer-term possibilities fordevelopment, especially thefeasibility offinancing thelevelsofinvestment andrealgrowth specified intheInternational Development Strategy. Theimplications for attaining themajorsocialorsocio-economic objectives specified intheStrategy bytheyear2000l!arealsoassessed. 5.Amongtheselected critical issuesconsidered inthepresent socio-economic reportisthecrisisinAfrica (seesect.VII).Theanalysis highlights the broader problems affecting theleastdeveloped countries, manyofwhicharein sub-Saharan Africa. Thereportalsoreviews trendsinmilitary expenditures and various aspects oftherelationship between disarmament anddevelopment and assesses thecostsandbenefits ofpursuing alternative policyoptions (see sect.VIII). 6.Although thepresent reporthasbeenprepared intheDepartment of International Economic andSOCialAffairs, extensive co-operation hasbeenprovided byrelated UnitedNations specialized agencies aswellastheregional commissions, academic andresearch organizations andindividuals. Notes 11current globaltrendsandpolicies andtheshort-term outlook are presented intheWorldEconomic Survey1985:Current Trendsandpolicies inthe WorldEconomy (E/1985/54), issuedasaUnitedNations publication (sales No.E.85.II.C.l)• l!Thecurrent situation withregardtosocialdevelopment ispresented in the1985reportontheworldsocialsituation (E/CN.5/1985/2), tobeissuedasa UnitedNations publication. /...A/40/5l9 English Page6 II.OVERVIEW A.Experience oftheunitedNations development decades 1.Overall objectives andexperience 7.IneachoftheUnitedNations development decades acleartargetwasspecified foraggregate economic growth, defined intermsofaminimum annualrateofgrowth forthedeveloping countries asawhole. Alsoimplicit intheInternational Development Strategy fortheThirdUnitedNations Development Decadeisan expectation of4percentrealgrowthamongdeveloped economies, anexpectation on whichthetargetratefordeveloping countries isbased,intheabsence ofmajor structural change. ThegrowthratetargetsetforthefirstUnitedNations Development Decadeofthe1960swas5percentperyear.Thisamounted toa substantial increase andwasthenregarded asaboldandchallenging goal. Successive decades haveestablished evenmoreambitious targets. 6percentforthe 1970sand7percentforthe1980s. 8.Theseambitious targetsreflect considered assessments ofwhatisnecessary to stimulate equitable world-wide development, nevertheless, theexperience ofthe past25yearshasshownthatgrowthratesarenotonlyunabletokeepupwith targets butarealsofalling inabsolute terms(seetable1).Aggregate output growthofalldeveloping countries collectively hasdecelerated overtheperiod 1960-1985 from5.8percentduringthe1960sto5.4percentduringthe1970sand isnowlessthan2percentforthefirsthalfofthe1980s. Indeed, economic growthindeveloped regions hasalsobeensubstantially belowexpectation sincethe mid-1970s. Thesignificant achievements ofthefirstDevelopment Decadearein sharpcontrast withthedismalperformance duringthefirsthalfoftheThird Development Decade, whichwitnessed thelongest recession (1980-1982) sincetheend oftheSecondWorldWarandarecovery oflimited scopeandintensity. 9.TheCOrequestion forthesocio-economic perspective iswhether this disturbing trendcanbeexpected topersist orwhether theexperience ofthe mid-1970s through themid-1980s istemporary andtheworldeconomy canreturntoat leasttheexpansion experienced inthe1960sifnottheexpectation setbythe International Development Strategy forthe1980s. /...A/40/5l9 English Page7 Table1.Economic growthintheworldeconomy, 1961-1985!I (Average annualrateofincrease ingrossdomestic product) country group 1961-1985 1961-1970 1971-1980 1981-1985 WOrld!?/ 3.6 5.1 3.6 2.2 Developed marketeconomies 3.4 4.9 3.2 2.2 USSRandEastern Europe 4.7 6.7 4.8 3.0 Developing countries 4.4 5.8 5.4 1.8 Leastdeveloped economies 2.9 2.9 3.1 2.7 Memorandum item:Targetratesofgrowth fordeveloping countries asagroup 5.0£/ 6.0 7.0
**Analysis**
The text appears to be a report on the socio-economic development of countries, focusing on the United Nations' development decades, international development strategy, and the current state of economic growth. It discusses the targets set for economic growth, the actual performance of different country groups, and the implications for achieving major social and socio-economic objectives.

**Category**
Economic development, International trade