A review of the blue economy, potential, and opportunities in seven Caribbean nations pre-COVID-19
Sui Chian Phang, Antaya March, Grégoire Touron-Gardic, Kieran Deane, Pierre Failler
Abstract
Abstract Caribbean countries face many challenges to effectively implement and benefit from the blue economy. This study synthesized current available information from the literature about the main blue economy activities in the Bahamas, Barbados, Belize, Guyana, Jamaica, Trinidad and Tobago, and Suriname, prior to the COVID-19 pandemic, to highlight their value in the context of blue economic recovery. This timestamp of data provides a point of comparison to understand the vulnerability of blue economy sectors to external shocks. The top performing sectors prior to the pandemic were shipping and tourism, both of which were significant contributors to the GDP. The other sectors (e.g. fisheries, aquaculture, pharmaceuticals, etc.) in some countries were well established and in others, at a minimum, displayed potential for continued development. To valorize the blue economy in a post pandemic recovery, there are three core areas of opportunity: sustainable resource extraction and production; cultivated economic development; and improved ecosystem economic valuations. Harnessing these opportunities will require a transition from a traditional ocean economy towards a coordinated blue economy, including the adoption of effective governance and sustainability principles, improved social, economic, and environmental valuations, and sustainable financing, as well as a more regional coordinated approach to the management of resources.