Group of 77

DEFINITION of 'Group of 77'

The largest intergovernmental organization of developing nations in the United Nations. It was created on June 15, 1964 and has since expanded to 130 members. The group enables countries to jointly leverage their negotiating capacity related to major international economic issues within the U.N. and "promote their collective economic interests." The group also works to more rapidly facilitate South-South cooperative efforts to foster development.

The group held its first meeting on October 25, 1967. The result of the initial meeting was a proposed institutional structure dubbed the "Charter of Algiers."

Also known as the G-77.

BREAKING DOWN 'Group of 77'

The Group of 77 has liaison offices located in Geneva (UNCTAD), Nairobi (UNEP), Paris (UNESCO), Rome (FAO), Vienna (UNIDO) and Washington, D.C. (IMF and World Bank). Member countries finance the group's activities through contributions.

RELATED TERMS
  1. Group Of 24 - G-24

    Twenty-four countries established in 1971 to work together to ...
  2. United Nations - UN

    An international organization formed in 1945 to increase political ...
  3. Organization for Economic Cooperation ...

    A group of 30 member countries that discuss and develop economic ...
  4. National Bank

    In the United States, a commercial bank chartered by the comptroller ...
  5. Group Banking

    A plan offered by banks that generally provides incentives for ...
  6. Accountant International Study ...

    An organization that studied the differences in accounting practices ...
Related Articles
  1. Markets

    Confused How The IMF, World Bank, & WTO differ?

    From loans to Athens and trade deals in Asia to economic reports on the world’s most successful and most troubled economies, these organizations make headlines across the globe
  2. Markets

    What is the International Monetary Fund?

    The International Monetary Fund fosters global monetary cooperation and sustainable economic growth.
  3. Financial Advisor

    How Financial Advisors Can Learn from Their Peers

    Advisor study groups can be a big help in building a top practice. Here's a guide to creating one.
  4. Markets

    An Introduction To The International Monetary Fund (IMF)

    Chances are you've heard of the IMF. But what does it do, and why is it so controversial?
  5. Markets

    Can The IMF Solve Global Economic Problems?

    The IMF is an important tool to help struggling countries, but it's not without its problems.
  6. Markets

    World Bank Data For Dummies

    Developing countries can't always afford to track the data crucial to setting the right economic policies and programs. That's where the World Bank steps in.
  7. Markets

    What is the Paris Club?

    The Paris Club is an informal group of nations that meet to find solutions for problems facing debtor nations.
  8. Personal Finance

    What Is The World Bank?

    You've heard of the World Bank, now find out how it functions and why some groups oppose it.
  9. Markets

    How Globalization Affects Developed Countries

    The increase in communications technology has companies competing in a global market.
  10. ETFs & Mutual Funds

    Capital Group: Investment Manager Highlight

    Discover Capital Group, one of the largest but least-known global asset managers. Learn about Capital Group's 85-year history of steady returns to investors.
RELATED FAQS
  1. How do externalities affect equilibrium and create market failure?

    Learn about the responsibilities of the International Monetary Fund and its functions regarding the international monetary ... Read Answer >>
  2. Is France a developed country?

    Discover what qualifies France as a developed country and how its diverse economy has helped it become one of the largest ... Read Answer >>
  3. What is the difference between International Monetary Fund and the World Bank?

    Learn about the International Monetary Fund and the World Bank and how they are differentiated by their respective functions ... Read Answer >>
  4. What is the purpose of the International Monetary Fund?

    Read about the stated goals of the International Monetary Fund, which acts as an economic adviser and lender of last resort ... Read Answer >>
  5. Is globalization purely an economic phenomenon?

    Take a look at the complex scope of the term "globalization", and learn why the term applies in many contexts beyond the ... Read Answer >>
  6. How is the International Monetary Fund financed?

    Understand the purpose that the International Monetary Fund (IMF) was created for, and learn how the organization obtains ... Read Answer >>
Hot Definitions
  1. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  2. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  3. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  4. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  5. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  6. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
Trading Center