Overfishing and its Damaging Effect on a Nation’s Economy

In various communities around the world, fishing festivals are sports that are eagerly looked forward to, mostly for the fun of it. For many other people and indeed, nations as well, fishing goes beyond mere sport; it is a source of livelihood for individuals and contributes significantly to the economic buoyancy of nation-states, especially for countries which have close access to water bodies. Sadly however, the problem of overfishing seems to be fast catching up with
fishing industries and in turn, the economies of many countries.

Overfishing is extreme exploitation of water bodies for the purpose of harvesting aquatic species which eventually results in drastic depletion of aquatic life. Many people have argued that aquatic animals are especially important for man’s survival and hence, little or nothing can or should be done to curtail overfishing tendencies. While this reasoning is not completely unfounded, it only further provides more reasons why aquatic life should be protected at all
cost. Since the best way to protect anything of socio-economic concern is through policy regulations, it is important that government bodies enact laws that guide activities as concerning aquatic life and further establish structures to enforce these laws.

Why Countries should take Regulations on Overfishing Very Seriously

The Danger of Possible Extinction

In simple words, fish (and other aquatic animals) do not live forever and anything that does not live forever stands a chance of extinction if not properly managed. This is particularly true for species which are in constant consumption (such as the tuna, sardine and tilapia) and the much rarer, exotic ones. The mere possibility of extinction of these species resonates as multi-faceted negative effects on any nation’s economy, especially if (as is mostly the case), such economy is to a considerable extent, export-based. An export-based economy would suffer if one of its  primary sources of revenue is no longer available. This will not only affect the figures on paper but cause a strain on other aspects of the economy due to the need for augmentation to achieve considerable balance.

The Dangers Associated with Price Inflation

The odds are predictable: when aquatic species become scarce, it invariably results in hike in prices, from the larger ones to smaller market outlets. Inflated prices, especially when extremely high, results in devaluation of currency. Not only does this put a nation at a disadvantage in international markets, it also discourages foreign investors from making
investments in the national economy. These elements eventually lead to either of two situations: an economic nosedive if drastic measures are not taken or a shift in economic climate that would soon result in deterioration of general living standards of the people.

In conclusion, it is important to bear in mind that the effects of the disadvantages discussed above are not just theoretical or mere paper work but direct, maybe long-term effects on citizens’ lives. In the end, enactment and enforcement of laws on overfishing is a matter of global urgency.