Cooperatives have a significant presence in the world’s economy today. According to the 2022 World Cooperative Monitor, the top three hundred largest cooperatives and mutuals generate USD 2.2 trillion in turnover while providing services and infrastructure society needs to thrive. They are among the larger contributors to national GDP around the world.
For instance, in Europe, according to the European Commission research, cooperatives hold substantial market shares in several sectors; namely: Agriculture – 83% in the Netherlands, 79% in Finland, 55% in Italy and 50% in France; Forestry – 60% in Sweden and 31% in Finland; Banking – 50% in France, 37% in Cyprus, 35% in Finland, 31% in Austria and 21% in Germany; Retail – 36% in Finland and 20% in Sweden; and Pharmaceuticals and health care – 21% in Spain and 18% in Belgium.
Given the size and importance of cooperative movement, cooperatives have a lot to offer in terms of the economy, society, and environment. They bring diversity to the global economy, illustrating a different business model that is people-centred, values-driven, and sustainability builder.
According to the International Organisation of Industrial and Service Cooperatives (CICOPA), employment in and within the cooperatives’ scope includes 279.4 million jobs, accounting for 9.46% of the world’s total employment. They also play a major role in developing local areas. Whereas private investors tend to be attracted to areas with cheap labour and move income and profits in urban centres or abroad, cooperatives are established by the members of the community where they are located and grow to serve that community. (Source: ICA.coop)
