Question
Why was G-77 formed by the developing countries?

Answer

Most developing countries did not getbenefit from the fast growth the Western economies experienced in the 1950s and 1960s. Therefore, they organised themselves as a group popularly known as the Group of 77 or G-77 and demanded a New International Economic Order (NIEO).The NIEO was for them a system that would give them:
  1. Actual control over their natural resources.
  2. More development assistance.
  3. Fairer prices for raw materials.
  4. Better access for their manufactured goods in developed countries' markets.

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