Question

what were the purpose to forming G 77 by the developing countries

Answer 1

When the Group of 77 (G-77) emerged on the world economic scene at the end of the first United Nations Conference on Trade and Development (UNCTAD) in 1964, it was hailed in a front page headline of the prestigious Sunday Observer, a London weekly, as “the most important phenomenon of the Post-War period”.  When the first UNCTAD convened, the Group was already functional, but it had 75 members, including Australia and New Zealand.  By the end of the Conference, G-75 was transformed into G-77 with the exit of Australia and New Zealand and the entry of four more developing countries.  The first substantive and authoritative document issued by the G-77 was its Declaration containing an assessment of the outcome of the Conference and outlining the objectives to be pursued in the future, particularly through the UNCTAD forum.  It was a seminal document in which the developing countries proclaimed for the first time their resolve to work for a new international order.  This was a decade before the adoption by the United Nations General Assembly of the Declaration and Plan of Action for the Establishment of a New International Order.

        Soon after the first UNCTAD, the G-77 emerged as the most important forum of the developing countries for harmonizing their views on global economic issues, evolving common positions on these issues and advancing new ideas and strategies for negotiations with developed countries.  It became legally institutionalized in UNCTAD through the resolution adopted at UNCTAD I and later endorsed by the General Assembly, establishing the Trade and Development Board, the executive organ of UNCTAD.  It then spread out to most other UN bodies and organizations including the UN Specialized Agencies and also those dealing with political, security and human rights issues, and became firmly entrenched in each of them.  It is very difficult to imagine how all these bodies and organizations could have concluded the far-reaching agreements they did during the last 50 years on norms, principles, rules, regimes and frameworks, including formal treaties, without the availability of this forum.  Thus, G-77 is inextricably linked with the monumental corpus of international public goods that has been developed and accumulated over the last half century.  But for the existence and functioning of G-77, the international community would have been lagging far behind in the pursuit of its civilizational goals, deeper in chaos and much more unstable and vulnerable than it is today.

        As G-77 is embedded in the United Nations, 

Answer 2

Answer:

The developing countries did not benefit from the fast growth the western economies experienced in the 1950s and 1960s under the guidance of World Bank and IMF.