1945

The prolonged economic recession has imposed stress and distress on hundreds of millions of people in agriculture in different parts of the world. It is now over these years that the world economy has been plagued with recession; unemployment; declining demand, investment and income; and rising trade protectionism; accompanied by an alarming rise in the burden of external debt of the developing world, currently estimated at about $700 billion. International assistance programmes, including those of multilateral aid agencies, have been curtailed. On the other hand, military expenditures have still steadily grown and are now estimated to be about 4.5% of world GNP.

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