. What is G-77. What were their main demands from developed countries
Ans: Most developing countries did not benefit from the fast growth the Western economies experienced in the 1950s and 1960s. Therefore they organized themselves as a group – the Group of 77 (or (G-77).
Their main demand was a new international economy order (NIEO).
i. By the NIEO they meant a system that would give them real control over their natural resources
ii. These countries wanted more development assistance, from World Bank and IMF
iii. G-77 countries also demand faire prices for raw material, and better access for their manufactured goods in developed countries’ markets
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