a.acon.equence, inalarqenumberOfthemtheveryfabricof.ociety wa.bein; affected neqatively. Ineomeca.e••ocialandpolitical dieruption hadledto violence and10••ofhumanlite.Effort. toimprove dome.tic policies were,inthe viewof.everalrepre'entative., aprerequi.ite tobreakinq whathadbecome• peuhtent back.lide. Itwalqenerally aqreed, however, tl'l·timpro"ementl inthe international economic environment, includinq more.upportive international co-operation policie., couldleadtoarapidturn-around indomeltic economic condition •• 18.Theacceleration otqrowthinindu.trial countri~. in1988walanimportant phenomenon. Anumberotdeleqation. pointed outthattheexpanlion of;ro•• dome.ticproduct inthe.eeconomiv. hadbeenpartioularly prolonqed. Inflationary pre••ure.,however, remained .tronq. TheMana9in; Director oftheInternational Monetary Fundempha.i.ed theneedtomaintain prudent macro-economic policie.. At ~he.ametime,whilelomeproqre••hadbeenachieved inreducin; maiortrade imbalance" intheviewofmanyrepre.entative., .tro~qeffort. inthatdirection wereItill re~uired a.imbalance. remained toohiqhandwerepartlyre.pon.ible for theinltability ine.chanqe ratelandintereat rate•• 19.Thedebtproblem. ofAfrican andLatinAmerican countrie., ••wellal.ever.l A.iancountrie., wereamaiorob.tacle tore.umption ofeconomic ;rowth, accordin; totheExecutive Secretaries ofthere9ional commi"ions andmanydeleqations., Lar;ely becau.e ofthedebtproblem, netfinancial tran.fer formanycountriel had fallenprecipitoully, andforleveral hadb.comeneqative. TheWorldEQoDomic ~y. 1989IIreported thatne;ative net{inancial tran,fer, onthewholehad incr~••edtomorethanSUS30billion in1988,the.iathcon.ecutive yearth.t overall nettran,ter, todevelopinq countries hadbeenne;ative. Thi.wa. particularly disturbiuq. Thenevdtotransfer r8sources abroad a~adifficult juncture intheireconomic eituation walaffectinq inveetmente adver.ely, andina numberofcountrie, locialexpenditure, werebeinqreduced. Arever••lofthi. situation wasleenbymanyOeleqatlons alapre-condition for.u.tained development. Recentinitiativel, intheTorohto SummitbytheOrouFofSevenand morerecently bytheGovernment. ofFrancoandJapan,wereanimportant .tep forward, butquickandwidespread implementation wa.al.oneeded. TheMarch1989 initiative oftheSecretary oftheTreas~ry oftheUnitedState,hadqivenan important impetustotheranqeofpropo,ed solution., asdebtreduction formaior indebted countries hadbecomeakeyinqre~ient tobecon.iOered infuture neqotietions. International traO.andtheUrugua~ Round ~O.Amajority ofspeakerl referred tothefactthatworldtradehad.xpandeO in 1~88byover8percent,matchin; thehiqh.st qrowthrateachieved intheOecade. Exportearninq, increa.ed fordevelopinq countri••asaqroupa.Don-eoerqy commodity pricelIhowedasiqnificant ri.e.But,whiletradehadthepo~~ntial to be-andoftenwas- akeyfactorinacountry'. qrowth, protectiQoist pre.su••• threatened itsbenefit.. ThelnciOenee of"man&qed" trade,unilateral form.of retaliation, anOdi.criminatory anObilateral tra~earranq.mentl wa.incr.a.inq. Thepotential impactofalinq1eEuropean Economic Community marketcompri.loq 320million consumer. by1992was.eenbylomea.anopportunity fortrade expension anObyother.acapo••ibJeimpediment tofre.trade. -13-21.Iv.n••oono.rn. abo"tmountin9 prot.ctioni.m w.r.rai••d,r.pr•••ntativ•• w.1oomed thepo.itive outcom., inAprilIg8g,ofthemid-t.rm r~vi.wofth.Uru9uay Roundofmu1ti1at.r.1 traden'90tiat.ion. and••pr••••dhop••thatthefinalr••u1t. wouldb.,ucc"lful. Ar.c.nt'9r••m.ntonfarmtrad.,n'90tiat.d bytheG.n.ra1 A9r••m.ntonTariff. andTrad. (G~:T), andthee.tabli.h~.nt ofth.CommonFundfor Commodltie., n'90ti.ted undertheau.plc••oftheUnit.dNationD Conf.r.nc. on Trad.andD.velopment (UNCTAD), w.r.al.oweloom.d. Multillt.rlll.m Indtb.mlplqem.nt 9tinterd'pendencl 22.r.onc.rnov.r9rowln9 uni1at.r.1i.m, bi1at.r.1iftm orr'9ionall.m inthetrade .r••~L'r.fl.ct.d more9.n.rally inthevi.wthatmu1tilat.r.lilm inoth.r economic activltiel walb.in9thr.at.n.d .ndn••d.dtob.lupport.d. Slv.ra1 d.l'9ation. d.plor.d thecontinu.d d.p.nd.nc. ofthew.aklr.conumi.1 onaf.w 1.r9'indu.tri.li ••dcountri.s. Th.yuri.d.t.p.toincr.a••theparticipation of allcountri••ln910ba1macro-.conomic co-ordinatiun andd.ci.ion-makln9. Mor• •ff.ctiv. mu1ti1at.ral co-op.ration andthemana9.m.nt oflnt.rd.p.nd.nc. w•• cal1.dfor. 23.S.v.ra1r.pr•••ntatlv••not.dthatUnlt.dN.tion.effort. inthepolitical fieldb.dr.c.ntly yi.1d.d important '9r••m.nt.,butmu1tilat.ra1 nA90ti.tlon. had noty.tr••ult.din.imi1ar9.inlin.conomic.r.... Di••rmam.nt andther.duction
**Analysis**
The text appears to be discussing economic issues, specifically the economic development of developing countries, international trade, and the impact of debt on economic growth. It mentions the importance of prudent macro-economic policies, the need for international cooperation, and the challenges faced by developing countries in terms of debt and trade. The text also touches on the topic of agricultural trade and the impact of protectionist policies.

**Category**
Economic development, International trade