In international economic groupings, G-15 is primarily an economic grouping of which category of nations?

Introduction / Context:
International economic groupings such as G-7, G-20, and G-15 bring together countries with shared interests to cooperate on trade, development, and financial issues. This question focuses on G-15 and asks to identify the broad category of nations that form this grouping. Understanding which group represents developed, transitional, or developing countries is important for international relations and economic general knowledge.

Given Data / Assumptions:

• The grouping mentioned is G-15.
• The options describe First World, Second World, Third World, and Fourth World nations.
• We assume traditional terminology where Third World refers broadly to developing countries in Asia, Africa, and Latin America.

Concept / Approach:
G-15, or the Group of 15, is an organisation of developing countries from Asia, Africa, and Latin America that came together to foster cooperation and provide a collective voice on economic and development issues. In the older political vocabulary, these developing countries were often called Third World nations, as opposed to First World industrialised capitalist countries and Second World socialist bloc countries. Therefore, in the standard exam framework, G-15 is understood as an economic grouping of Third World nations that seek to improve South South cooperation and influence global economic discussions.

Step-by-Step Solution:
Step 1: Recall that G-15 was formed at the Non Aligned Movement summit to enhance cooperation among developing countries.Step 2: Recognise that its members are primarily from Asia, Africa, and Latin America, regions commonly described as part of the developing world.Step 3: Relate this to the older term Third World, which refers to countries that are neither rich industrialised Western nations nor former socialist bloc states.Step 4: Compare the options and identify which category matches developing nations grouped for economic cooperation.Step 5: Choose Third World nations as the correct answer.

Verification / Alternative check:
To verify, one can recall that First World usually refers to developed market economies such as United States, Western Europe, and Japan. Second World historically referred to the socialist bloc led by the former Soviet Union. Third World was used for newly independent and developing countries, many of which joined Non Aligned and South South groupings like G-15. Exam oriented descriptions of G-15 explicitly state that it consists of developing or Third World countries seeking collective bargaining power in global economic discussions, which confirms the answer.

Why Other Options Are Wrong:
First World nations: These are generally the industrialised, high income capitalist countries such as the G-7 members, not the core membership of G-15.

Second World nations: This term historically covered the socialist, centrally planned economies, which are not the main focus of a grouping like G-15 that emerged from Non Aligned and developing country interests.
Fourth World nations: This expression is sometimes used informally for the smallest or most marginalised groups, but it is not the standard category used in exam definitions for G-15 membership.

Common Pitfalls:
Some candidates may misinterpret G-15 as similar to G-7 or G-20 and assume it consists of the richest countries, leading them to pick First World nations. Others may not remember the meaning of the older First, Second, and Third World terminology. To avoid these mistakes, remember that G-15 was specifically created to enhance cooperation among developing countries and to present a unified voice on issues like trade, technology transfer, and debt, all of which clearly point to Third World nations in traditional exam language.

Final Answer:
G-15 is an economic grouping of Third World nations, that is, developing countries.