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Q.

What does the G-77 signify? 


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a

Group of rich countries

b

Group of African countries

c

Group of Asian countries

d

Group of developing countries  

answer is D.

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Detailed Solution

The G-77 signifies the group of developing countries.
Many developing countries did not benefit from the rapid growth the western economy experienced in the 1950s and 1960s. So they organised themselves as a group—Group 77 (or G-77)—in search of a new international economic system (NIEO). Through NIEO, they meant a system that would give them absolute control over their natural resources, additional development assistance, fair material prices, and better access to the markets of developed countries.
  
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