· h t · d By 1983, per capita GDP in the region had social consequences on t e coun r1es concerne • fallen back to the level reached in 1977. In some countries, employment and real wages reached the lowest levels since the Great Depression in the early 1930s. ID/B/339 Page 14 Continuing macro-economic contraction would, therefore, have a disastrous impact on hopes for the resumption of economic and industrial growth in the region, in an environment of social and political stability. 40. The key issues confronting policy makers in the Latin American region seem to be: (a) (e) The financial issue is currently the most dramatic, with pending or recurrent debt crises and an international crowding out on financial markets due to the dominating capital absorption of some advanced economies at a time when Latin American countries need large investments to upgrade and expand their industrial sector. As r~cognize? by the Latin American policy makers, the scarcity and high costs of foreign capital are the major stumbling-block to industrialization, and therefore the introduction of new initiatives to finance investments and trade expansion through joint, innovative approaches at the regional level would be crucial; After the successful implementation of structural adjustment programmes at the macro-level, the structural adjustment lag at the micro-level emerging in Latin American industry is substantial. The Latin American countries are now focusing development efforts on this adjustment need. They are aware of the need for joint programmes and policies in order to monitor international trends and adjust products, processes and organizational structures of industry accordingly. In co-operation with the Economic Commission for Latin America and the Caribbean, UNIDO is considering ways of promoting closer intra-Latin American exchange of information on the industrial adjustment processes; The technology gap has been further widened by the rapid advances which have taken place in the developed countries. For Lat in America this technological 
**Analysis**
The text primarily focuses on the economic situation in Latin America during the 1980s, discussing issues such as GDP, employment, wages, debt crises, and the need for industrialization and technological advancements. It also touches on the need for joint regional initiatives and international cooperation. Based on this, it is likely that the text belongs to categories related to economic development and international trade.

**Category**
Economic development, International trade