1887

Small States Digest

Small States Digest is a quarterly publication from the Commonwealth Secretariat, which focuses on the opportunities and challenges faced by small states in the global economy. Topics can cover international finance and capital markets, international trade, the environment, natural disasters, macroeconomic management, and economic and social development. The Commonwealth defines small states as sovereign states with a population size of 1.5 million people or less. Larger member countries – Botswana, Jamaica, Lesotho, Namibia and Papua New Guinea – are designated as small states because they share many characteristics of small states. Thirty-one of the fifty-three member countries of the Commonwealth are small states.

English

The Blue Economy in Small States

The ‘blue economy’ is an evolving concept that recognises the need to maximise the enormous economic potential of oceans while preserving it for future generations. This paper examines the requirements for small states to effectively pursue a blue economy development approach. Beginning with an analysis of the current literature, it proceeds to explore key sectors of the blue economy and their potential for catalysing blue growth. In particular, it examines the experiences of small states in implementing the blue economy across key existing sectors – fishing, tourism and maritime transport – and emerging sectors – aquaculture, ocean-based renewable energy, marine biotechnology and blue carbon opportunities – that could spur economic growth and diversification and help to build resilience in the future. The paper concludes with a discussion of the key enabling factors necessary to realise a blue economy.

English

Keywords: marine resources, the blue economy, sustainable development, small states
JEL: Q55: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Environmental Economics / Environmental Economics: Technological Innovation; Q01: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / General / Sustainable Development; Q25: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Renewable Resources and Conservation / Renewable Resources and Conservation: Water; Q22: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Renewable Resources and Conservation / Renewable Resources and Conservation: Fishery; Aquaculture; Q57: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Environmental Economics / Ecological Economics: Ecosystem Services; Biodiversity Conservation; Bioeconomics; Industrial Ecology; O13: Economic Development, Innovation, Technological Change, and Growth / Economic Development / Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
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