Multilateral Institutions

The creative economy (also known as the orange economy) is an evolving concept based on the contribution and potential of creative assets to contribute to economic growth and development. It embraces economic, cultural and social aspects interacting with technology, intellectual property and tourism objectives: it is a set of knowledge-based, and thus more localized, economic activities with a development dimension and cross-cutting linkages at macro and micro levels to the overall economy. There is not a single definition of creative economy, and the different definitions usually overlap.

Before the pandemic, the creative economy was growing rapidly and generating new jobs in every region of the world, predicted to account up to 10 per cent of global GDP by 2030. The crisis has brought this exceptional growth to a standstill, exposing the fragility of a sector dominated by micro-businesses, informal work practices and few tangible assets. Lockdowns have also highlighted the importance of cultural and creative activity in maintaining individual well-being and community resilience.