Fisheries are potential sources of significant wealth and, depending on their management and on wealth distribution, they contribute to both economic growth and poverty reduction.
Economic contributions of industrial-scale fisheries are visible and include exports and revenues from licensing. In contrast, the economic importance of a small-scale fishery may only be recognized if it collapses and the resulting costs of food substitution and unemployment are felt.
Developing countries face decisions about how best to realize the economic potential of all their fisheries. Do they develop their own fishing industry, or allow foreign fleets to exploit their resources? Do they prioritize resource rent from industrial fisheries, or the social economic benefits of smaller scale fisheries?
Managing the resources in order to sustain their productivity is essential, otherwise any benefits will only be realized in the short term. The FMSP has developed a range of tools and guidelines to support fisheries managers in their decisions and to promote sustained economic growth from fisheries over the long term.
Economic contributions of industrial-scale fisheries are visible and include exports and revenues from licensing. In contrast, the economic importance of a small-scale fishery may only be recognized if it collapses and the resulting costs of food substitution and unemployment are felt.
Developing countries face decisions about how best to realize the economic potential of all their fisheries. Do they develop their own fishing industry, or allow foreign fleets to exploit their resources? Do they prioritize resource rent from industrial fisheries, or the social economic benefits of smaller scale fisheries?
Managing the resources in order to sustain their productivity is essential, otherwise any benefits will only be realized in the short term. The FMSP has developed a range of tools and guidelines to support fisheries managers in their decisions and to promote sustained economic growth from fisheries over the long term.