economic growth, the longest and most sustained in recent years. The unprecedented long economic expansion experienced by developed market-economy countries in the latter part of the decade was largely a result of the fiscal and monetary policies they pursued. That, however, also resulted in the appearance of large external imbalances among and within those countries, triggering unusually large fluctuations in exchange rates, interest rates and prices. While such policies contributed to stimulating and increasing growth in the developed countries, the external imbalances created have become an important feature contributing to the problems of the world's economic and financial system. To strengthen the foundations for long-term grCMth and development, there is a greater need now than ever before for urgent action to be taken to reduce the huge imbalances effectively. BM/10 A/S-18/PV. 6. 42 (Mr. Obure, Kenya) The then socialist-based economies of East European countries registered modest growth in the 1980s. The economies of those countries remained largely separated from the world economic system and its swings during most of the decade· During that period those countries experienced shortages of technoloqv for production and management efficiency. Their trade policies were marked by isOlation from the rest of the world and shielded them from the risks of competition in the open world market. Combined with their other public-sector-dominated policies, the pressure for structural transformation grew, followed by the rapid and far-reaching eruption of sweeping political and economic changes at the very end of the decade and the opening of new challenges and opportunities for the 1990s. Those countries have received unprecedentedly prompt and huge support in the form of financial-aid flows, acces:; to market and technology and investment-creatinq opportunities from the developed market-based economies. That should enable the East European countries to decentralize and nodernize their 
**Analysis**
The text appears to be discussing the economic performance and challenges faced by various countries, particularly developed and socialist-based economies. It highlights the importance of fiscal and monetary policies, external imbalances, and structural transformation in promoting long-term economic growth and development. The text also touches on the issue of international aid and support received by East European countries.

**Category**
Economic development, International trade