G-77 comprises the group of ____.

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Detailed Solution

The developing countries did not benefit from or witness the rapid economic growth that the Western economies experienced. As a result, 77 such developing countries formed Group 77 or G77 to demand the establishment of a new international economic order (NIEO). Its establishment was the result of developing countries' collective perception that they shared their most common problems, as well as the recognition of the need for joint action in accordance with the principles and objectives of the United Nations Charter, in the face of an inequitable pattern of international relations. The G-77 was formed in response to the activities of the Bretton Woods twins (the International Monetary Fund and the World Bank), both of which worked to meet financial needs.

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