How fisheries can support a small island economy in pandemic times: the Seychelles case

Abstract

The COVID-19 pandemic has depressed the world economy to a magnitude and timeliness that could hardly be predicted by economists. Because of remoteness and a lack of resources, small island developing states (SIDS) are often considered more vulnerable than others to external shocks such as weatherization or disease. In 2020, the Republic of Seychelles has suffered a 70% collapse of foreign visitors, while tourism represents a key pillar of the economy with two thirds of its Gross Domestic Product and employment. The fishery-related industries have nonetheless resisted to this economic shock and become more prominent, with a foreign-owned tuna fleet supplying the local canning plant, main provider of private jobs and trade in the archipelago. This research attempts to forecast the economic effects of several scenarios affecting both fishing and tourism activities in a small island economy. It shows that fish-related industries can represent a resilient contributor to the domestic economy as long as natural stocks are sustainably managed.

Keywords

• covid-19
• social accounting matrix
• scenarios
• small island developing states
• seychelles