The International Co-operative Alliance (ICA) released the latest Global300 Report, which states that the largest 300 co-operative enterprises in the world and their collective revenues amount to USD $1.6 trillion, which is comparable to the GDP of the world's ninth largest economy.The report details that although co-operatives were affected by the global financial crisis in 2008, they provided stability and security due to their measured risk model and their emphasis on services to members – not just profits. As a result, the co-operative model represents an important contribution to the economic and social well-being of populations and their communities.
The report divides co-operatives into 7 categories -- Agriculture/Forestry, Banking/Credit Unions, Consumer/Retail, Insurance, Workers/Industrial, Health, Utilities, and Other. It details how the global financial crisis affected each industry. While co-operatives were not immune to financial hardship, their flexibility in responding to the shifting markets and the trust of their members enabled these businesses to survive and thrive.
Release of the report coincides with the United Nations International Year of Co-operatives 2012, a monumental year which will provide a platform to educate the public on the strength and socioeconomic value of co-operatives.
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