Question

What did the group of 77 countries demanded a new international economic bordered explain

Answer 1

The group of 77 countries or G77 consisted of the countries who were developing countries as they did not get benefit from the economic growth of the developed countries so they formed a group and their demands are as follows :

1) They demanded a new International Economic Order (NIEO)

2) They wanted a system that would give them a real control over natural resources .

3)They wanted to set up a system under which they could get a fairer price for raw materials and better access for their manufactured goods in the developed countries' market

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Answer 2

NIEO is the New International Economic Order. As the most developing countries did not benefit from the fast growth the western economies experienced in the 1950s and 1960s, they organised themselves as a group - the group of 77. They demanded a new international economic order ( NIEO ).




The main objectives of this group because

• They wanted to revise the international economic system in favour of the developing countries .

• They wanted a system that would give them a real control over their natural resources.

• They wanted to set up a system under which they could get a fairer price for raw materials and better access for their manufactured goods in the developed countries' markets .






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