The report, published by the International Union for the Conservation of Nature (IUCN), looked at data collected between 1970 and 2012 from 90 reef habitats.
The results show that the Caribbean corals have declined by more than 50 per cent since the 1970s.
The report, which was also authored by the Global Coral Reef Monitoring Network, found that many reefs in the Caribbean were undergoing a dramatic transformation - changing from colourful realms to barren habitats, covered in slimy algae, 'BBC News' reported.
In the 1980s, a disease wiped out a large number of sea urchins. While fishing on the reefs has also caused parrotfish to plummet. Both of these creatures graze on reefs, and without them, algal species take over.
"We saw that reefs with no grazers ended up getting smothered by algae. And after a period of time they see a significant or even complete collapse of the reef area," said Carl Gustaf Lundin, director of IUCN's Global Marine and Polar Programme.
He said that if no action was taken, the outlook for Caribbean corals would be bleak.
The report found evidence that damaged reefs could be revived if they were protected.
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