95. In those three areas, current differences of opinion seem to transcend perceived differences of national interest and to raise the fundamental question of how even agreed common interests are promoted in an international context. The erosion of multilateralism is taking place precisely when multilateral co-operation for development is most needed to face the challenges ahead. 2. Medium-term outlook 96. Projections for the second half of the 1980s indicate rates of output growth of developed market economies of around or slightly above 3 per cent. The volume of world trade is expected to grow in the range of 4.5 to 5.5 per cent a year in real terms. Exports of developing countries are expected to grow in real terms at nearly twice the rate of developed countries' real output. Estimates of developing countries GDP growth range from 3.5 to 4.5 per cent a year. These growth rates, premised on "better policies" scenarios in both developed and developing countries, will not fully restore by 1990 the levels of national real income per head the majority of developing countries enjoyed in 1980. TJ 97. These projections have to be seen against the backdrop of serious external sector imbalances, particularly in the indebted developing countries. Their combined current account deficit is expected to reach almost $40 billion in both 1985 and 1986. Their net payments of interest and dividends or direct investment are expected to exceed $US 70 billion in each year. The implication is that those countries are expected to generate surpluses in trade and non-factor services of over $30 billion in those two years. That has to be obtained through a combination of expanding exports and, in many cases, curbing imports and increasing trade restrictions. Those are undesirable consequences of having trade at the service of finance. But they are inevitable only in the sense that prospective current 
**Analysis**
The text discusses the economic outlook and challenges facing developing countries, specifically their trade deficits, debt, and need to expand exports and curb imports. It also touches on the importance of multilateral cooperation for development. Given the focus on economic growth, trade, and international relations, it is likely that the text falls under one or more categories related to economic development and international trade.

**Category**
Economic development, International trade