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Why Are Economies Important?

The jobs and revenue produced from marine-related industries directly benefit those who are employed, but also have substantial importance to many others who value the indirect economic and social benefits of a stable coastal economy. 

The marine sectors evaluated for jobs and/or wages are: 
1) Commercial fishing
2) Mariculture
3) Tourism and recreation 
4) Shipping and transportation
5) Whale watching
6) Ports and harbors
7) Ship and boat building
8) Renewable energy production (wind and wave) 

Goal Score

88 The goal score for Sub-Goal: Economies is 88 out of 100. The global average score is 70 out of 100.

Likely Future State

+1%

It is estimated that in the near future the score for Sub-Goal: Economies will improve roughly +1%.
88
0
25
50
75
90
100
global score

Overview

What Does This Score Mean?

The reference point for Economies is that a country’s marine-related revenue must have no net loss and must keep pace with growth in GDP (or sustain losses no greater than the national decline in GDP).

A global study cannot establish the optimal level of revenue for a given country, so the reference point is that current revenue should at least not decline below revenue for the average of the 5 prior years. The goal gets a perfect score when coastal economies had no greater loss or increased at least as fast as revenue in all economic sectors. A score becomes lower as relative loss in revenue increases.

Current Score
The current score indicates that revenue from the marine related sectors measured declined faster than in all economic sectors.

The score is low compared to the Livelihoods sub-goal, suggesting that revenues declined more than jobs and wages did. This may be due to the fact that global data on revenue are lacking for some marine-related sectors, including tourism, offshore wind and wave energy, coastal development and scientific research, for example.  It could also reflect larger increases in services, technology or other rapidly expanding economic sectors that are not associated with the ocean. 

more information

References

Dyck, A. and  U. Sumaila. 2010. Economic impact of ocean fish populations in the global fishery. Journal of Bioeconomics 12, 227–243.

FAO. 2010. The State of the World Fisheries and Aquaculture. UN Food and Agriculture Organization, Rome.O’Connor, T, S. Campbell, R. Coretz and  T. Knowles. 2009. Whale Watching Worldwide: tourism numbers, expenditures and expanding economic benefits. Economists at Large: Yarmouth, Massachusetts, USA. Download at:   http://www.ifaw.org/sites/default/files/whale_watching_worldwide.pdf

U.S. Energy Information Administration

World Bank Data. 2011.