Lessons for building creative economies

Many countries around the world have large populations of impoverished people and high unemployment rates. In order to improve conditions in these countries, national governments must develop effective economic growth strategies with strengthening the creative industries at the forefront. The international community is only just beginning to recognize the socioeconomic potential of creative and cultural industries (CCIs), such as film, fashion, and music. The creative economy represents the trade of creative goods and services and grew at an average rate of 14 percent between 2002 and 2008, even during the 2008 global financial crisis. CCIs are more resilient to economic shocks and were not damaged by the 12 percent drop in global trade to the same degree as other sectors, such as manufacturing. Creative industries also produce non-rival goods that can be consumed locally or exported. Developing and developed countries around the world should invest further in creative industries to diversify their economies, reduce poverty, and create jobs for young people.