t:he developing countries, driving the poor developing countries into a tighter corner of poverty. The int:ensified protectionism of the developed countries and the steadily deteriorating terms of trade in the developing countries inflicted a tremendous loss on the latter's export earnings. The financial flow to the developing countries is on the decrease, and in r·eali ty there is now a net outflow, so that the developing countries are hit by a serious shortage of funds. As can be seen from the for ego ing, over the last decade the economies of the majority of the developing countries have been weakened and have stagnated. The ~ JSM/jf A/S-18/PV. 6 194-195 (Mr. Kanq, Democratic People's Republic of Korea) protracted world economic crisis and the serious economic situation of the developing countries have brouqh t qrea te r instability to the world situation and pose a threat to peace and security. Unless effective action is taken to restructure international economic relations, the onqoinq process of detente cannot be accelerated. BHS/PLJ A/S-18/PV. 6 196 (Mr. Kang, Democratic People's Reoublic of Korea) At the beginning of the 1990s, the international communi tv faces an important challenge t:o take qlobal concerted action in a bid to reduce the gap between the North and the South and to achieve a prosperous world economy. What is essential to implement effective international economic co-operation and promote the economic qrowth and development of the developinq countries is to restruct.ure the existinq international economic relations and set up an equitable international economic order. The international community should restructure the old system and order in all fields of international economic relations and establish a iust and equitable new order and system, thus brinqinq about a new environment favourable to the economic development of the developinq countries and hasteninq the attainment of a 
**Analysis**
The text discusses the challenges faced by developing countries in the context of the global economy, highlighting issues such as protectionism, deteriorating terms of trade, and financial flows. It emphasizes the need for international economic cooperation and the restructuring of existing international economic relations to promote economic growth and development. The language used is formal and diplomatic, suggesting a focus on international relations and economic policy.

**Category**
International trade, Economic development