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The ocean economy, which contributes upwards of $1.5 trillion in value addition to the global economy, was particularly hit hard by the COVID-19 pandemic, with a projected loss of $1.9 billion for international shipping carriers alone, said the WRI (World Resources Institute) in a statement. Coastal communities were the hardest hit, with an estimated $7.4-billion fall in GDP across small-island developing states, due to the decline in tourism. The links between ocean-based sectors and land-based economies mean that these impacts have economic and social repercussions across the entire economy, the statement said.