Good strategy for fishing!

The top global management consulting firm, McKinsey, has recently published an interesting article regarding fishing economy and its impact on the environment. The article brings important data and information regarding strategic actions on fishery management in order to boost sustainability without compromising the economic landscape of fishing communities.

Good strategy for fishing!

Key highlights:

- Fisheries employ 180 million people worldwide. Additionally, fish and fishery products are among the most widely traded agricultural commodities, with exports worth more than $109 billion in 2010

- There are about 700 million recreational fishers worldwide, according to the Food and Agriculture Organization of the United Nations

- Traditional management practice of placing an overall limit on how much fish could be harvested and allowing fishers to compete for the largest possible share is driving the “race to fish”

- Intense competition led to overharvesting, and individual fishers had no incentives to practice good stewardship

- Private fishers respond to different incentives compared to charter and head boat operators, suggesting that the two groups might best be managed separately

To read the full article, please click in the following link: http://www.mckinsey.com/client_service/sustainability/latest_thinking/a_sustainable_fish_story