Sustainable development of any economy can be attained if and only if the basic needs of the present generations are met without compromising those of the future generations. The criticism of economic efficiency must be broadened to encompass ecological aspects. Otherwise the natural resources of the world economy will be recklessly exploited with huge losses to be borne by the future generations. Sustainable development must also ensure equity across line. Depletion of natural resource capital poses a very serious threat to third world countries because of their population pressure and excessive dependence on primary activities.

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Keywords: Sustainable Development, Economic Efficiency, Ecological Aspects, World Economy.