Co-operatives fly through financial crisis

Co-operatives fly through financial crisis

The global co-operative sector defied a general business trend and thrived through the heights of the Global Financial Crisis, according to a new scientific report.

The inaugural World Co-operative Monitor, ranking the largest co-operative and mutual enterprises by turnover and collecting data on all sizes of co-operatives across the globe in categories, was launched today in Manchester by its partners the International Co-operative Alliance (ICA) and The European Research Institute on Cooperative and Social Enterprises (EURICSE).

“This new data demonstrates that not only do co-operatives have significant scale, but that this scale is sustainable even in the face of difficult global economic conditions,” said Charles Gould, ICA Director-General. “More than this, with USD 2 trillion in annual revenue among the 300 largest co-operatives alone, this is a sector that is no sideplayer, but a major, global, economic force.”
“This is only the first step in achieving the final goal of the World Co-operative Monitor. In fact, the World Co-operative Monitor will not be limited to this – its main goal is to give visibility to the largest co-operatives, in terms of economic and social impact, in their countries,” said Gianluca Salvatori, CEO of Euricse. “The World Co-operative team, therefore, intends to gradually collect data that can describe how the largest co-operatives in the world contribute to the welfare of the countries in which they operate in terms of social impact, employment, facilities, etc.”

 

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