The ocean economy must protect against waves of threat: OECD | International Trade News

The marine economy doubled between 1995 and 2020, but future growth could be reduced by multiple threats.

According to the Organization for Economic Co-operation and Development (OECD), the global maritime economy is at risk of major disruption without increasing protection.

The OECD said in a report issued Monday that the global economy has grown to a $2.3 trillion dollar by 2020, calling for measures to improve sustainability.

Climate change, environmental degradation, delays in productivity, and delays in digital transformation will intensify pressure on marine ecosystems and economic potential, the report warns.

According to the OECD, the ocean is home to cables that provide food security to more than 3 billion people, promote the transportation of 80% of global goods and carry 98% of international internet traffic.

From 1996 to 2020, the global maritime economy doubled, contributing 3-4% of the world’s total gross domestic product (GDP). Tourism and offshore oil and gas produced almost two-thirds of its production that year. Fisheries and maritime trade were also important factors in growth.

“If you think of it as a country, the maritime economy will be the fifth largest economy in the world in 2019,” the OECD said, highlighting that the Blue economy supports more than 100 million full-time jobs.

The report, published ahead of the high-level summit in Paris, adds that if the historical trend continues, “it could almost four times as much as 1995,” the report adds.

However, it warns that policy measures are needed to maintain this growth.

“More action is needed”

The OECD worries struggle under pressures of growing population, increasing environmental degradation and increasing territorial conflict.

Elsewhere, the growth of illegal activities has created a “dark sea economy.”

The report declares that “more action is needed” to promote international cooperation and governance mechanisms to ensure a productive and sustainable economy.

“Through science-based policies, improved marine space management and innovative digital solutions, we can protect the work, livelihoods and food security of hundreds of millions of people who rely on the ocean,” said OECD Secretary-General Matthias Corman.

The report has caused global oceans to suffer pollution, overfishing and record-level warmth crisis, damaging marine life and raising global temperatures.

The United Nations is holding a major conference in Nice, southern France in June, specifically addressing these challenges and the sustainable use of the world’s oceans.