Choose the given statement as true/false:

Most of the developing countries organised themselves as a group called the G-77 to demand a new international economic order.

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True

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Detailed Solution

The above statement is true.
Most developing nations did not profit from the rapid economic expansion of western nations. The developing countries banded together as the Group of 77, or G-77, to call for a New International Economic Order to keep up with the advancement of advanced industrial nations (NIEO). By doing this, they hoped to create a system that would give them more control over their natural resources, increased development aid, fair prices for raw materials, and improved access to the industrialised countries' markets for their produced goods. They emphasised the need for a fair distribution of resources between industrialised and emerging countries.

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