proved to be losers once international or domestic conditions had changed or when no · f d the industries through a suitable policy gradual, continuous adJustment was en orce upon framework. ID/B/339 Page 15 42. External commercial balance-of-payments loans based on the assumption of continuing price trends, interest rates and exchange rates on the one hand, and external project loans for projects with no major export prospects and often with large import content on the other, contributed to the high vulnerability of the economy and established production structures. Policy makers in developing countries are aware of the limited scope for continued "indebted industrialization" and for the redeployment of industries from the developed countries along the same lines as in the past. Many companies in the developed countries are going through a period of rationalization involving new technological processes and products and mergers with companies 1.n other developed countries. Technological changes and national policies in the developed countries make it problematic to assess redeployment prospects and the likely emerging pattern of an international division of labour with developing countries. 43. Industrial development in the developed countries is characterized by a great diversity of trends in terms of growth, technological upgrading, competitiveness, etc. of the various industries. In addition to the high-technology industries, a number of adjusted mature industries are also showing rapid growth; in other industries, adjustment constraints and resistance are resulting in some cases in continuing overcapac it ies and claims for import barriers. These trends can hardly be detected on the level of aggregate industrial branches. It is primarily within the branches and individual industries and companies that the adjustment process takes place. 44. Developing countries are thus under pressure to adjust their industrial structures 1.n line with an unclear, unpredictable international restructuring pattern and are confronted 
**Analysis**
The text discusses the challenges faced by developing countries in industrial development, particularly in adjusting their industrial structures to an uncertain and unpredictable international market. It highlights the need for continuous adjustment and the limitations of "indebted industrialization" and the redeployment of industries from developed countries. The text also touches on the diversity of trends in industrial development in developed countries, which creates uncertainty for developing countries. Overall, the text appears to be focused on the economic development and industrialization of developing countries.

**Category**
Economic development, Industry