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Ocean economy hit hardest by pandemic: World Resources Institute

Our Bureau Mumbai | Updated on September 16, 2020 Published on September 16, 2020

The ocean economy, which contributes upwards of $1.5 trillion in value addition to the global economy, was particularly hit hard by the Covid pandemic, with a projected loss of $1.9 billion for international shipping carriers alone, said the World Resources Institute (WRI) in a media statement.

Coastal communities were the hardest hit, with an estimated $7.4-billion fall in GDP across small-island developing states, due to the decline in tourism. The links between ocean-based sectors and land-based economies mean that these impacts have economic and social repercussions across the entire economy, the statement said.

No relief

The statement pointed out that despite its central importance to the global economy and the people’s livelihoods, the ocean economy has been overlooked in the over $10-trillion Covid stimulus packages announced by several governments till date.

This is a missed opportunity, both in terms of supporting ocean workers and communities that have been deeply impacted as well as the potential return on investment from sustainable ocean solutions. Recent analysis shows that every $1 invested in the sustainable ocean economy will yield at least $5 in return, the statement said.

A new report commissioned by the High Level Panel for a Sustainable Ocean Economy helps to address this gap by proposing a road map for economic recovery from COVID-19, the statement added.

The High Level Panel for Sustainable Ocean Economy is an initiative of 14 serving world leaders building momentum towards a sustainable ocean economy.

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Published on September 16, 2020
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