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These factors are affecting production, consumption and trade patterns; producing far-reaching developments in the service sector, particularly financial services, and in commodity markets; significantly altering employment patterns; and leading to shifts in international competitiveness. 3.Many countries-developed and developing alike, including the least developed countries are investing substantial efforts in adjusting their economies to these new realities in pursuit of their national objectives. They are also reappraising the respective roles of the public and private sectors in the economy. However, while some have made progress in recent years in reducing or eliminating growth-retarding distortions and rigidities by enhancing the structural flexibility of their economies, much remains to be done.