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.