United Nations, Jan 15 (AHN) The trend of developing countries growing faster economically compared to the developed countries calls for reforming the Security Council and the international financial institutions, Secretary-General Antonio Guterres said on Thursday.

“Every day, the share of global GDP held by developed economies shrinks, bit by bit. Every day, emerging economies grow – in size, in strength, in influence. Every day, South-South trade pulls further ahead of North-North trade," he said.

“Our structures must reflect this changing world” because what worked in 1945 when the UN and major global financial institutions were created will not solve the problems of 2026, he said.

Reforming the Security Council is essential, as is the case for updating the power structures of the international financial institutions, he said.

According to the UN’s report on the world economy this month, the economies of the developing countries grew by 4.2 per cent last year, compared to the 2.9 per cent recorded by developed nations.

India, which has staked a claim for a permanent seat on a reformed Council was the fastest growing major economy, according to the report, recording 7.4 per cent growth last year.

This was the final annual address to the General Assembly on his priorities by Guterres, who ends his two-term tenure this year, and even as he outlined the global crises threatening international cooperation, he saw positive signs.

“Let’s recognise that even in this turbulence, we have succeeded in claiming space for the United Nations where it was not a given”, he said.

Guterres did not name the US or Russia, the two permanent members of the Security Council who have been accused of violating international law and the UN Charter, and have held the Council hostage with their veto powers.

“Some seek to put international cooperation on deathwatch" with their actions “shaking the foundations of global cooperation and testing the resilience of multilateralism itself”, he said.

“I can assure you: we will not give up," he declared.

Again, without naming the US, he brought up the financial crisis facing the UN because Washington has not paid its dues to the UN mandated by the General Assembly under the UN Charter.

“Today’s situation is totally unsustainable,” he said.

“Either all countries, without exception, honour their financial obligations under the Charter – which no longer seems to be the case. Or Member States must overhaul our financial rules to prevent a budget breakdown” he said.

But he also said that the UN was streamlining its structure to make it more efficient and effect economies.