adopted by developed countries in a discriminatory manner against the developing countries. Financial and monetary int>alances in the developed countries have adversely affected the economies of developing countries through higher rates of interest, exchange-rate fl.ucbJations and general oonditions of uncertainty in the world money and capital markets. Developnent assistance is fast losing its earlier pioneering role in the process of development and is now tied to too many conditionalities and cross-oonditionalities. Technology transfers continue to be obstructed by their prohibitive prices, numerous restrictive business practices, and other limitations on access. Despite those impediments, most developing countries are implementing wide-ranging policy reforns involving the adoption of more open economic policies aimed at integrating their economies into the nainstream of the world economy. As we have seen in India, those policies must not lead to a neglect of less privileged sections of society, but must be pirsued while being drawn into the productive process and in their sharing the fruits of such development. We have to remain conscious of both the imperatives and the constraints of liberalization. There are risks as well as opportunities in the process. The success of those strategies JB/18 A/S-18/PV.2 82 (Mr. Guj ral, India) requires a much more open and co-operative world economy, a vastly expanded flow of concessional resources, and the renewed confidence of the developing countries in the nultilateral trading systems. The vast and complex task facing us will become nuch easier if it is undertaken in an expanding and growing world economy through a concerted and coherent approach within a nultila teral framework. The najor challenge is to work out a package of measures that will ensure the return of the world economy to a higher growth trajectory. The nanagement of the world economy needs to be nore 
**Analysis**
The text primarily discusses the challenges and constraints faced by developing countries in their economic development, specifically in relation to international trade, finance, and technology. It highlights the need for a more cooperative and open world economy, as well as the importance of addressing issues such as inequality and conditionalities in development assistance. The text does not focus on specific sectors like agriculture or industry, but rather on the broader context of economic development and international relations.

**Category**
Economic development, International trade