What is the Creative Economy?
The creative economy is one of the most rapidly growing sectors of the world economy. It is highly transformative in terms of income generation, job creation and export earnings. But that is not all. The creative economy also generates non-monetary value that contributes significantly to achieving people-centered, inclusive and sustainable development.
Cultural and creative industries constitute the core of the Creative Economy.
Human creativity and innovation are the key drivers of these industries and have become the true wealth of nations in the 21st century. Unlocking the potential of the creative economy therefore involves promoting the overall creativity of societies, affirming the distinctive identity of the places where it flourishes and clusters, improving the quality of life where it exists, enhancing local image and prestige. Investing in the creative sector as a driver of social development contributes to an improved quality of life, well-being of communities, individual self-esteem, dialogue and cohesion.
“New ideas, not money or machinery, are the source of success today, and the greatest source of personal satisfaction.
The creative economy is revitalising manufacturing, services, retailing and entertainment industries. It is changing where people want to live, work and learn – where they think, invent and produce.”John Howkins
The creative wealth of nations: how the performing arts can advance development and human progress
Author: Kabanda, Patrick
Document Date: 2014/11/01
Policy Research working paper; no. WPS 7118. Washington, DC: World Bank Group.