The ocean economy is essential to the future welfare and prosperity of humankind. It is a key source of food, energy, minerals, health, leisure and transport upon which hundreds of millions of people depend. However, the maritime industry landscape is poised to undergo a profound transition. Long considered the traditional domain of shipping, fishing and – since the 1960s – offshore oil and gas, new activities are emerging that are reshaping and diversifying maritime industries.

For many, the ocean is the new economic frontier. It holds the promise of immense resource wealth and great potential for boosting economic growth, employment and innovation. And it is increasingly recognised as indispensable for addressing many of the global challenges facing the planet in the decades to come, from world food security and climate change to the provision of energy, natural resources and improved medical care. While the potential of the ocean to help meet these challenges is huge, it is already under stress from over-exploitation, pollution, declining biodiversity and climate change. Realising the full potential of the ocean will therefore demand responsible, sustainable approaches to its economic development.

This chapter summarises the key findings of the report and offers a set of recommendations to strengthen international co-operation in the sustainable management and development of the ocean economy of the future. It puts forward a working definition of the ocean economy which encompasses not only the ocean-based industries but also the natural assets and ecosystem services that the ocean provides. Focusing on the ocean industries, the chapter outlines the findings of the OECD Ocean Economy Database and briefly presents the estimates of the current value added and jobs provided by the ocean economy worldwide. Turning its attention to the future, the chapter describes the principal forces driving the ocean economy forward, and estimates value added and employment in the global ocean economy by 2030. The results suggest rapid growth of most ocean industries over the next couple of decades, putting increasing strain on the ocean environment and its resources and posing significant challenges to ocean management. The chapter ends by proposing a set of recommendations for governments, business and research which could significantly enhance sustainable ocean management.