It was released by the Secretariat for the Convention on Wetlands - the Ramsar Convention (1971).
The report also comes days ahead of the 15th Meeting of the Conference of the Contracting Parties to the Ramsar Convention on Wetlands (COP15), scheduled for July 23-31 in Zimbabwe.
It highlights the very urbanisation and industrial development as key drivers of this decline.
Africa's wetlands are among the most degraded globally, with millions relying on them for essential resources.
The extent of deterioration is particularly high in Africa, Latin America and the Caribbean.
This is despite an increase in the same being recorded in Europe, North America and Oceania.
While wetlands cover only six per cent of the Earth’s surface, the world is losing wetlands at an annual rate of 0.52 per cent.
It is valued at the equivalent of 7.5 per cent of global GDP.
The Ramsar Convention’s strategic goals align with the Kunming-Montreal Global Biodiversity Framework (KM-GBF) Targets.
Ramsar is an Intergovernmental treaty that provides the framework for the conservation and wise use of wetlands and their resources.