The worldwide fishing industry could benefit from a $50 billion boost annually if stocks were allowed time to recover, AFP reported citing a UN report.

Already 32 percent of the world's fish stocks have been depleted by years of overfishing and poor coastal management, according to a UN Environment Program report released in the Philippine capital Manila.

"The potential economic gain from reducing fishing capacity to an optimal and restoring fish stocks is in the order of $50 billion per annum," a summary of the UN report said, without giving details on how the figure was reached.

The report said overfishing, pollution from land-based farming and industry, and the destruction of habitat, including coral reefs and mangroves, were all having an effect on fish stocks.

Cutting pollution would help fish stocks and fishermen's catches to rebound, Amina Mohammed, deputy executive director of the UN program, said.