First and foremost, developinq countries must undertake a series of economic reforms to help create productive and sound economies. They must make sustained efforts to establish favourable domestic conditions for foreiqn investment and capital formation and must adopt measures to initiate structural adjustments that are often politically difficult. However, experience shows that economic adjustment efforts by developinq countries alone can hardly attain the exPected results and that thev should be complemented by support from international action and a favourable international economic environment. JP/jq A/S-18/PV. 4 161 CMr. · Yoo; · Republic· of· Korea l In this reqard, the major developed countries have the PrinciPal responsibility to lead the world economy in a co-ordinated and harmonious way. Although the prevailing instabili tv in the world economv mav be attributable to many factors, the most significant cause lies in the structural imbalances amonq the economies of developed countries, a situation that should be remedied. The fiscal deficits of the major developed countries, for examPle, should be corrected in order to achieve a stable and favourable environment in the world economv. In addition, trade-surplus countries nust Play a more active role as import absorbers and take further measures to liberalize their trade reqimes. Thev should also continue to recycle their surplus funds effectively to develoPinq countries. At the same time, trade-deficit countries should endeavour to restore their industrial competitiveness and refrain from takinq Protectionist measures. In a world of qrowing interdependence, we are once aqain reminded that closer macro-economic co-ordination, not onlv between developed countries but also between developed and developinq countries, is most crucial to the harmonious develoPment of the world economy. In this context, we strongly believe that multilateral development organizations should be revitalized to serve as effective forums of policy dialoque in their respective fields. 
**Analysis**
The text appears to be discussing the global economy and the need for economic reforms, structural adjustments, and international cooperation to achieve economic development. It highlights the importance of developed countries taking the lead in coordinating the world economy and promoting economic growth, while also emphasizing the need for developed and developing countries to work together. The text does not mention specific natural resources, industries, or sectors, but rather focuses on the overall economy and trade.

**Category**
International trade, Economic development