Word: ldcs
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...since the 1930s. Moreover, when the oil price explosion occurred, the industrialized nations were all lined up at the crest of a simultaneous boom. They all skidded into recession together, and many smaller countries slid down with them. Largely to pay their bloated oil bills, the less developed countries (LDCs) borrowed heavily from public institutions like the International Monetary Fund and from private banks in developed nations, notably the U.S. Since 1973, the foreign debt of the non-OPEC LDCs has doubled to more than $200 billion; today they must spend at least 12% of their export revenues to service...
...past quarter-century of uneven growth and the recent meteoric rise in oil prices have made the Third World a more disparate group of nations than ever. For many of them, the catchall appellation of less-developed countries (LDCs) has become outdated or at least incomplete. New subclassifications have become necessary: advanced-developing countries and least-developed countries; socialist LDCs and neocapitalist LDCs; non-oil LDCs and OPEC LDCs...
Such rapidly industrializing, fairly affluent and capitalistic countries as Singapore, Taiwan, South Korea and Malaysia have totally different problems and priorities from many dirt poor and authoritarian African nations. Although the LDCs presented a façade of commonality on the floor of the conference, their changing interests were obvious. Calls for a new economic order were often ignored by the advanced-developing countries...
Also the growing rift between oil haves and have-nots widened further at the conference. Recent oil price increases will swell the collective current-accounts deficit of the non-OPEC LDCs this year by $5 billion, to a total $57 billion, and additional raises will grossly enlarge the gap. The Costa Rican delegation mustered some support from other oil-deficient Latin American countries for its proposal that OPEC consult with the importing LDCS before it raises prices again. But African and Asian delegations squelched the resolution partly out of fear that the OPEC nations might reduce their...
Since UNCTAD last met in Kenya three years ago, several Latin American governments as well as Sri Lanka, India and others have moved toward more reliance on free market economics. A resolution calling for the industrialized nations to cancel or suspend debts of the LDCs was quietly suppressed by some of the capitalistic advanced-developing countries. Although the U.S. had already written off $500 million in debts owed by 15 of the poorest nations, ADCs like South Korea, Singapore and Brazil have feared that any further write-off would make them appear to be poor credit risks and that international...