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World Bank’s Role in the Global Economy

“Giving Oceans a Break Could Generate US$38 Billion in Additional Benefits for Fisheries”

So we have all probably heard of the World Bank and have a general idea of what they do. But can anyone give me a specific way that they have helped the world or played a role in globalization?

Recently, actually on Valentine’s Day this year, the World Bank’s Laura Tuck, World Bank’s Vice President for Sustainable Development reemphasized the importance of creating smarter fishing practices. Tuck stated that creating smarter fishing practices could generate an additional $83 billion each year in the fisheries sector.

Now why should we care about fishing? The fishing industry is vital to the world economy. Fishing has brought poor, developing countries into successful, prosperous societies. An example of this is Iceland.

The World Bank stressed that through creating these smarter fishing practices, not only would fish populations be able to rebound from overexploitation, but the weight, value, and price of the fish caught would all increase. This would allow the profitability of the fisheries sector to increase from an estimated $3 billion a year to $86 billion. This is a monumental change because not only would it benefit the country’s economies, but it would also address the issue of food security in many countries around the world.

Several nations, such as Peru, Morocco, the Pacific Islands, and West Africa have demonstrated that it is possible to reduce overfishing through locally aimed reforms that improve the lives and job security of coastal nations.

Do you think that it is right for the World Bank to dictate to countries how they should operate?

Article originally from WorldBank.org, “Giving Oceans a Break Could Generate US$83 Billion in Additional Benefits for Fisheries”, February 14, 2017






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