We warmly congratulate Mr. Vuk Jeremić on his election to the presidency of the General Assembly at its sixty- seventh session. We are also pleased that the general debate of this session is devoted to considering, among other issues, the promotion of sustained economic growth and sustainable development in accordance with relevant General Assembly resolutions and recent United Nations conferences. Since we adopted the Declaration that led to the Millenium Development Goals (resolution 55/2), the image of development has been tied to the reduction of poverty and to the development of capacities and opportunities for the most vulnerable populations. The majority of our developing countries had made significant progress in this area until 2008, when the financial crisis, which affected the world economy and threatened to cancel out our achievements, began. We are living at a time of multiple simultaneous crises. The ecological crisis threatens the majority of our f lora and fauna. Global warming threatens coastal populations and small island countries. Unchecked population growth threatens to exceed the capacity of nature to restore itself. We have witnessed a crisis of the values that have traditionally governed the behaviour of humankind. War and armed conflict threaten the right to cultural, ideological and political diversity and our right to live in peace and unity. Those of us who live in the developing countries did not cause the world financial crisis. As you know, the crisis was caused by the failure to use effective regulations in the international financial system and by the arrogance, greed and unbridled desire to amass wealth. In the context of the crisis, age-old debates have resurfaced as to how best to tackle the crisis. Should we reduce investment in social protections for our populations? Or, on the contrary, should we bolster investment, making anti-cyclical social investment policies into a springboard for reviving economies? And how do we measure poverty and development and recognize the social impact of the measures adopted? Do we use average income indicators for reducing social inequality and improving quality of life? The countries in the developing world whose economies have performed better and have shown less vulnerability in the context of the world crisis have been those that have understood, in time, that investing in training our peoples and improving the quality of life of our peoples is the best way to reduce our vulnerability and to maintain economic growth. The economy must serve the people, not the reverse. In the debate on development, we must reaffirm as peoples and as Government leaders that we have learned quite often through painful experience that equality and sustainability are key prerequisites for ensuring sustained and sustainable economic growth. Today, we know that it is not enough to have economic growth in order to reduce social inequity and to improve the quality of life of our peoples. Nor is it right to sacrifice our people in the hope that the growth of an economy will ultimately lead to benefits for all and reduce social inequality. That expectation quite often remains unmet. On the contrary, experience has shown that by improving the quality of life and by reducing poverty and social exclusion, we can help stimulate healthy economic growth. In the context of international crisis and uncertainty, we must reduce national and international social inequalities. We must increase social cohesion and strengthen democratic governance. We also know that economic growth, which does not take account of the limits of natural resources and the needs of future generations, will entail the risk of imminent collapse. We must revise the ideas about development that have prevailed in the international financial system. Equity and sustainability are two sides of the same coin, and that is how we must approach human development. That vision is consistent with international declarations on sustainable development, such as the Declarations issued by the United Nations Conference on the Human Environment in Stockholm in 1972, by the Rio Earth Summit in Rio de Janiero in 1992, and by the World Summit on Sustainable Development in Johannesburg in 2002. They promoted the three pillars of sustainable development: environmental equity, economic equity and social equity. Development means protecting environmental systems, raising the productive capacity of goods and services and reducing social inequality by raising the quality of life of all men and women, multiplying capacities and opportunities. Today, 7 billion people inhabit the Earth. Of those, 43 per cent, or 3 billion, are under the age of 25. We must invest so that our young people have the skills and opportunities to tackle creatively the development tasks that face our societies. For many years, the development of countries has been assessed by international financial institutions, using measures of income or national production expressed per capita in order to determine the state of material well-being. Based on that kind of measure, our country, the Dominican Republic, has been classified in recent years as a medium high income country. Nonetheless, more than a third of our citizens live in poverty. How then is it possible to exclude countries like ours from receiving development aid? By the same token, to give an international comparison, poverty has been measured in terms of income, with those families that subsist on less than $2 a day being defined as poor and those who live on less than $1.25 as extremely poor, an adjustment being made in both cases for buying power. According to those criteria, over 2 billion people worldwide — 33 per cent of humanity — are poor, and in 2005 the number living in extreme poverty had dropped to 1.4 billion. Those same measures project that by 2015 only 883 million will be living in extreme poverty. The optimism of those international figures does not appear to coincide with the perception of many of our citizens, who feel that the increase in gross domestic product does not reflect their needs or despair, nor does it jibe with the unhappiness of our young people who, despite raising their educational level, are still unable to find dignified work or the opportunities to fulfil their business aspirations. That discrepancy between the optimism of certain international indicators and the discontent on our streets can be explained by the fact that we are using inadequate tools to measure poverty, development and well-being. At least in the Dominican Republic, it is hard to believe that the quality of life and the opportunities to improve it would be very different for a person with an income of $2 a day than for someone earning a few cents less. Poverty in a given family or community is much more than the lack of income with respect to a predetermined threshold, just as the development of a country is much more than the size of its median income. The International Labour Organization reported in 2010 that 81 million of the 620 million young people between the ages of 15 and 24 worldwide who were economically active, which represents 13 per cent of that age group, had been unemployed during the preceding year, primarily due to the world economic and financial crisis. Between 2007 and 2009, the global unemployment rate for young people experienced the greatest rise in its history: from 11.9 per cent to 13 per cent. Young women had a harder time than young men in finding work. The results in terms of health, education and maternal and child mortality show the limits of the unilateral and optimistic focus on poverty and development. Not without reason have some academics said that “we are gambling with the fate of our planet with ‘games’ in which a few private players reap the benefits and society pays the consequences. A system that permits results like those is destined to mismanage risk”. Social investment in the education, health and employment of young people can build the foundation for a strong economic base that can halt the transmission of poverty from one generation to the next. Strengthening young people’s skills creates the conditions for them to earn higher income during their productive economic lives. The way we understand and measure poverty translates into national and international policy decisions. To assume that poverty and underdevelopment are simply the expression of family income or national averages has led to limited social policies of entitlement or transfers. Such policies temporarily raise the income of impoverished families above the so-called poverty line, at the expense of developing universal, more effective and better-quality public service systems that would benefit, as a right, those who have traditionally been excluded. Adam Smith, the father of economic liberalism, included in his definition of poverty such social and cultural aspects as “the ability to go about without shame”. More recently, the Nobel Prize winner in Economics Amartya Sen spoke of development itself as freedom. In that sense, broadening our concept of poverty to include measures of social participation and inclusion, as well as unmet basic needs, will allow us to develop more holistic and effective responses. Poverty is a multidimensional phenomenon, a complex system of problems that requires a systemic solution leading to broader skills, freedom and opportunities for those who have traditionally been excluded. Investment in quality universal education and health systems, a universal safety net, access to dignified work and living spaces, personal safety and the security of goods, inter alia, are crucial elements for expanding the skills and opportunities of impoverished portions of the population. Poverty reduction is the basic lever for increasing the production of goods and services and for propelling new dynamics of growth and development. Assessing the development of countries exclusively on the basis of their national per capita income leads to decisions that have a negative impact on our efforts at development. When a country is ranked according to those simple criteria, the contribution of international cooperation is reduced and access to loans from international financial institutions is reduced or becomes more expensive. As developing countries, we also need to shoulder our share of responsibility. Domestically, we need to improve our information systems in order to better understand our social, land and gender inequalities, as well the impact we have on the environment. At the same time, we must redirect our investment patterns and our public policies to promote equality and social inclusion for the most vulnerable groups, and for that we need the support of the international community.. A country should not cease to receive development aid simply because its average national income has crossed a certain arbitrarily defined threshold. Latin America has long experience with the search for multidimensional measures of poverty and development. Since the middle of the last century, the Economic Commission for Latin America and the Caribbean has developed a methodology based on an index of unmet basic needs. Many countries have applied such composite multidimensional indexes. In the Dominican Republic we use a quality of life index tailored to our reality. The United Nations Development Programme has applied the human development index, and a number of other indexes have been proposed at the international level. Despite that, the majority of bodies in the international financial system continue to rely on one-dimensional measures that focus on monetary income to assess and categorize the development of our countries and to determine their policies on the basis of criteria for international financial support. We wish to avail ourselves of this opportunity to urge international financial organizations to be more ready and willing to embrace our efforts to break the vicious cycle of poverty and social exclusion as the basis for development. We need to use enhanced indicators with a greater capacity to capture and measure the complex dynamics of human development. What is needed is for us to work together to overcome exclusion, not to prolong poverty and extreme poverty indefinitely. The Dominican Republic reiterates its firm commitment to peace, tolerance and international coexistence as well as to democracy and freedom as basic components for development. We hope that sustainable development will enrich the daily lives of individuals, families, communities and countries and will preserve our natural resources. Peace, the abolishment of social inequality, environmental sustainability and the sustained growth of our capacity to produce the goods and services required by our peoples go hand-in-hand, and they are the very core of development.