United Nations Radio

Economic losses in marine fisheries resulting from poor management, inefficiencies, and overfishing add up to a staggering US$50 billion per year.

That according to a joint report by the World Bank and the Food and Agriculture Organization.

The report says the bulk of losses occur in two main ways:

First, it says, depleted fish stocks mean that there are fewer fish to catch, and therefore the cost of finding and catching them is greater than it might be.

And second, overcapacity of the fleet means that the economic benefits of fishing are dissipated due to operating costs.

But the report argues that well-managed marine fisheries could turn most of these loses into sustainable economic benefits for millions of fishers and coastal communities.

It says strengthened fishing rights can provide fishers and fishing communities with incentives to fish in an economically efficient and socially responsible manner.

Leader of the World Bank Fisheries Team Kieran Kelleher says "sustainable fisheries require political will to replace incentives for overfishing with incentives for responsible stewardship."

This is Donn Bobb reporting for United Nations Radio.

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