Question

why was G-77 formed by the developing countries
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Answer 1

Answer:

After the second world war the less developed newly independent countries . while trying to alleviate their people out of poverty,trued to secure help from international agencies like world Bank and IMF. These international agencies we're controlled by the powerful western countries of. which these were colonies previously. Even the mineral and land resource of these less developed countries were controlled by the former colonial power. The developing countries did not benefit or witness the fast growth in economy that the western economised witnessed. Thus 77 such developing countries came together to form a group 77 or G77 to demand the establishment of a new international economic order (NIEO) . the new international economic order includes real control on resource greater development assistance farrier price raw material and better access to manufactured goods in markets of developed countries. Hence G77 is a group of developing nations demanding fair international economic environment for the growth of their economics

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