Question

What did G77 Countries hope to gain by the NIEO

Answer 1

G-77 or Group of 77 refers to the seventy-seven developing countries that did not benefit from the fast growth western economies experienced in 1950s and 1960s. So, they organized themselves into G-77.

They demanded :

(i) A new international economic order that would give them real control over their natural resources.

(ii) More development assistance.

(iii) Fairer prices for raw material and

(iv) Better access for their manufactured goods in developed countries' markets.