The report detailed 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 diversity and robustness of the co-operative business model is based on principles and values,” said ICA President Dame Pauline Green. “This is why co-operatives were resilient during the global financial crisis, employing over 100 million people worldwide and enabling the development and welfare of societies in the most competitive economies.”
This report analyzed the co-operatives by seven sectors – which include Agriculture/Forestry, Banking/Credit Unions, Consumer/Retail, Insurance, Workers/Industrial, Health, Utilities, and Other – and detailed 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.
The launch 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. Over the course of 2012, co-operatives around the world will join together in a series of events to raise awareness of the impact and importance of the co-operative model on societies and economies around the world, as well as promote their growth.