Question

Why did most developing countries organise themselves into the Group of 77 during 1960s? [CBSE 2018(C)]

Answer 1

Answer:

The developing nations organized themselves into G-77 so as to gain real control over their natural resources, to get more development assistance and fairer prices for raw materials. (iv) They also wanted a better opportunity for their manufactured goods in the markets of developing 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.