Choose the given statement is true/false:

G-77 was a group of developed countries.

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True

False

answer is B.

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Detailed Solution

The above statement is False.
G-77 refers to the group of seventy-seven developing nations that organized themselves to counter the Bretton woods system. The Bretton Woods system was held by the western nations. These nations exploited the developing nations through the Bretton Woods System. So, to focus on the development of their own, the developing nations organized into G-77. They demanded a New International Economic Order (NIEO) that focused on
1)      Real control over the natural resources of their own.
2)      Fair prices for the raw materials in the international market
3)      Better access to the markets of developed nations for the manufactured commodities from the developing countries.
The correct statement is that G-77 was a group of 77 countries.

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