Using the Ocean As a Tool for Global Economic Recovery
Eliza Northrop, Mansi Konar, Nicola Frost, and Liz Hollaway
Northrop, Eliza, Mansi Konar, Nicola Frost, and Liz Hollaway. 2020. “Using the Ocean As a Tool for Global Economic Recovery.” World Resources Institute (blog). September 15, 2020. https://www.wri.org/blog/2020/coronavirus-ocean-blue-recovery.
The ocean economy, which contributes upwards of $1.5 trillion in value added to the global economy, was particularly hard hit by the COVID-19 pandemic, with a projected loss of $1.9 billion for international shipping carriers alone. Coastal communities were 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.