The release of 'Sunken billions:The economic justification for fisheries reform' hasdrawn renewed attention to the enormous loss of wealthsuffered in fisheries each year due to weak fisheriesgovernance and the need for fundamental fisheries reform.Such reform calls for addressing the issues plaguing theworld's fisheries, such as persistent overfishing andfleet overcapitalization, and addressing the politicaleconomy challenges of developing country-specific pathwaysof reform. Despite growing evidence of success in selectedfisheries, less than two percent of the world'sfisheries have actually undergone effective reform becauseof these challenges. At the same time, it is estimated thatthe world's fisheries could generate at least fiftybillion US dollars per annum and the economic benefitsgenerated could be much higher if management systems wereestablished to enable investment in growing this importanteconomic sector in a sustainable manner. The potentialpay-off from economic fisheries reform is not only globallysignificant for the sector, it is crucial for enhancingeconomic growth and alleviating poverty in developingcountries with significant fisheries assets. This reportseeks to move this debate forward by discussing key lessonsdrawn from reform experience in the wider natural resourcesector that might inform successful reform in fisheries.
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