II. MAJOR DEVETJOPI,IENTS IN TI|E FIELD OF E@NOMIC @-OPERATION A!,IONG DEVELOPING COUNTRIES 4. Since the Iast report ot Che Secretary-General on the activitie8 of the United Nations systen in suPPort of econonlc ccoperation arnong developinq countries (ECDC) , subnitced in l9?9 at the thirty-fourth aegsion of the General Assenbly pursuant to its resolution 331195 (L/34/5461, the international econonlc environment has been marked by the prolongati.on of the uorld econor0lc crlsis, characterized, inter alia, b,y los gro$th rates, high interest rates, exchanqe rate instability, a decrease in the denand for coflnodities fron developing couhtrles, increased protectionism and a decrease of official developoent ald ln developed countries, TbiE phenonenon' inevitably, haa had a negative inpact in the economles of developing countries, which have experlenced negative terms of trade, a high tevel of lndebtedness and problens of balance of paynents. The sloe recovery in the econonies of some developed countries in 1984 and the beqj.nninq of 1985 has not been sufficient to enable a transmission of the groPth fron North to South. All this, coupled ei.th the virtual breakdoon of the North-South dlalogue' has 91ven further inportance to lhe potential of econonic co-operat ion anong developing countries as an alternative !o but not a substttute for the tradltionally predomlnant North-Souttr econonic relationship, and as a dynamic and uttal component of an effectiee restructurirn of the internetional econonic order. 5. A major event in this regard eas the High-l.evel Conference on Economic Co-operation anong Developing Countrtes, held by the Group of 77 in Caracas, Venezuela, fron 13 !o 19 tllay 1981, which adopted the Caracas Progranne of Actlon on ECDC. This Programne' taking into account previous proqranmes elaborated by developinq countries such as the Mexico City Proqramne ot Action and the Aruaha Plan of Action, stresses ttre actual and potencial complementar i ci es exi'sting among
**Analysis**
The text appears to be discussing economic issues and cooperation among developing countries, specifically in the context of the United Nations. The language used is technical and focused on economic concepts such as growth rates, interest rates, trade, and development. The text also mentions the North-South dialogue and the potential for economic cooperation among developing countries as an alternative to traditional relationships. This suggests that the text is primarily concerned with economic development and international trade.

**Category**
Economic development, International trade