The ocean is the lifeblood of our planet, representing 90% of its biosphere, covering about 71% of Earth's surface and providing over half of its oxygen. The ocean is also a powerhouse of economic activity, sustaining millions of jobs, ensuring food security, and supporting global development. If the ocean economy were a country, it would be the fifth largest economy in the world. However, it is facing unprecedented challenges, from climate change to biodiversity loss, environmental degradation and rampant illicit activity.
The OECD report The Ocean Economy to 2050 provides new OECD data and insights into how the ocean economy has evolved and what lies ahead. Here are 10 key facts that illustrate its importance and the urgent need for action.
1. The ocean economy is a major economic force
The ocean economy contributed 3% to 4% of global gross value-added between 1995 and 2020, doubling in size to USD 2.6 trillion over this period.
2. Consistent long-term growth
Over the past 25 years, the ocean economy has expanded without major downturns, demonstrating resilience and economic potential.
3. A vital source of employment
At its peak in 2006, the ocean economy employed 151 million full-time equivalent jobs (FTE) jobs and, despite COVID-19 disruptions, sustained employment for over 100 million FTEs.
4. Asia-Pacific drives growth
The Asia-Pacific region accounted for approximately 75% of global ocean economy growth, with Southeastern Asia and Oceania showing the highest average growth rates.
5. Tourism and offshore energy lead the way
Marine and coastal tourism and offshore oil and gas consistently made up around two-thirds of global ocean economy gross value-added between 1995 and 2020.
6. Renewable sectors are rising
Offshore wind and marine renewables showed an average annual growth rate of 31%, with GVA rising from USD 38 million in 2000 to USD 4.6 billion in 2020.
7. Mounting risks threaten long-term resilience
Ocean economic activities face growing threats from overexploitation of natural resources, illicit activities, biodiversity loss, pollution, sea level rise, ocean acidification, ocean heat waves, and more numerous and powerful extreme weather events.
8. Policy action is critical to address risks
Strengthening science-based ocean management is key to addressing growing risks. Policymakers should reinforce national ocean strategies, marine spatial planning, marine protected areas, and ocean economy statistical accounts, while implementing international agreements on biodiversity, climate, fisheries subsidies and shipping decarbonisation.
9. Digitalisation can accelerate sustainability and productivity
Advanced ocean data systems, digital monitoring, and cross-sector partnerships are essential for boosting competitiveness and ensuring sustainable ocean resource management.
10. Inclusive growth is essential
Strengthening co-operation with developing countries in the ocean economy is essential for equitable growth, maximising the benefits of ocean economic activity to livelihoods and well-being, while conserving, sustainably using and restoring fragile marine ecosystems.
What needs to happen next?
The ocean economy will continue to offer enormous opportunities for economic development, only if ocean health can be preserved as well. The ocean economy long-term viability depends on bold, co-ordinated policy action. Policymakers should consider phasing out harmful environmental practices and combatting illicit activities, strengthening the transition to cleaner energy sources, supporting ocean scientific programmes, and harnessing digital technologies to improve economic performance and the management of marine space.
