When it comes to the creative economy, everybody has a different definition. Since 2004, UNCTAD, which stands for United Nations Conference on Trade and Development, has worked to shape the global understanding of the creative economy, just like Nomadx has. Their work has put the creative economy on the world’s economic and development plan. The program’s core focus is on trade in creative goods and services that validate the activity of the creative industries.
The concept of the creative economy is an evolving concept that does not have a single definition yet. It is a concept built on the relationship between human creativity and ideas and intellectual property, knowledge, and technology. The creative pillars, considered by the NomadX Foundation to be art, architecture, content, design, gastronomy, literature, music, and programming, are the lifeblood of the creative economy. They also have cultural and artistic value. So then, the creative economy is the sum of all the parts of the creative industries. This industry is among the most dynamic and fast-growing sectors in the world economy, providing new opportunities for developing countries to grow and release their potential.
The creative economy is one of the world’s most rapidly growing sectors, contributing 5-10% of the global GDP. At its heart, cultural and creative industries operate at the intersection of art, culture, and technology. These industries generate formally over 2.3 trillion dollars annually and provide over 6-8% of all jobs worldwide. They also employ more people aged 15−29 than any other sector!
A paradigmatic example of the creative economy’s power is South Korea. South Korea was one of the first countries to invest a considerable amount of its GDP in Creative Economy, through the development of creative products. One of the cultural consequences is K-pop, a genre that revolutionized music worldwide; another, is the critically acclaimed films and tv shows they produce. This is a direct consequence of their investment. So countries need public support that satisfies the needs of cultural workers. The social and economic inequality exacerbated by the pandemic needs to be counteracted by policies that envision a world where Creative Economy has the right place. This must be done, considering culture as a policy domain and a transversal component across the policy landscape.
The creative economy has both commercial and cultural value. Acknowledgment of this dual worth has led governments worldwide to expand and develop their creative economies as part of economic diversification strategies and efforts to stimulate economic growth, prosperity, and well-being. Creative work promotes fundamental rights, such as respect for human dignity, equality, and democracy, which are essential for humans to live together in peace. Its potential to make a significant contribution to the achievement of the sustainable development goals continues to gain international recognition and support.
Whether it be arts and crafts, books, gastronomy, films, paintings, festivals, songs, designs, coding, digital animation or video games, the creative industries are more than just sectors with good economic growth performance and potential. They are expressions of the human imagination spreading important social and cultural values.
This is why we must urge governments to give the creative economy the importance it deserves. We need to make them understand that investing a considerable amount of GDP is key to human development and community reinforcement. South Korea is a great example of the possibilities it offers. Here at the NomadX Foundation, we are working to reach out to governments and communities so they can see that an investment in a creative economy is an investment in their and their loved one’s future. Where would our soul and heart be without art? Without creative products?
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The Nomadx Foundation is a Federal 501c3 accredited public charity.