The Potential of the Creative Economy
An Economic Sector to Support the Realization of Inclusive Economic Opportunities and Social Cohesion
Stefan Hajkowicz, Commonwealth Scientific and Industrial Research Organisation (CSIRO)
The creative economy is an underappreciated bright spot of the global economy. The sector continued to expand even during the recent economic crisis and could grow significantly more as technology advances and incomes increase in emerging countries. Such a development could help reduce youth unemployment and poverty, as creative services generate financial returns with minimal production and distribution costs, thereby lowering the barriers to entry into the global economy. Furthermore, creative services could act as an engine of understanding, cooperation and trust between cultures, in much the same way as tourism and trade have historically improved cross-cultural relations. Governments, companies and communities have to find effective ways to ensure that the creative economy’s growth realizes its full potential so as to increase the resulting economic opportunities and social cohesion.