Question

Why did the developing countries organised H-77.

Answer 1

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(i) Most of the developing countries did not
benefit from the fast economic growth of western countries.
(ii) In order to catch up with the development in advanced industrial countries, the developing nations organised themselves as a group - the Group of 77 or G-77 - to demand a New International Economic Order (NIEO).
(iii) By this they aimed to have a system that would give them control over their natural resources, more development assistance, fair prices for raw material and better access for their manufactured goods in the developed countries’ market.
(iv) They also stressed on equitable distribution of wealth between developed and 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.