New publication: "The Economic Impact of Creative Industries in the Americas"
The
creative and cultural industries constitute one of the
fastest-growing sectors globally and it is an increasingly important
element of growth, competitiveness and job creation in the
Americas. According to “The
Economic Impact of the Creative Industries in the Americas”, a
new publication launched by the Organization of American States
(OAS), the Inter-American Development Bank (IDB) and the British
Council, the value of the world’s exports of creative goods and
services is estimated at $640 billion, 14% of which was originated
in the Americas.
The study, carried out by Oxford Economics,
compiles existing data from 44 countries -including 34 countries in
the Americas and 10 benchmark countries from other regions- and
analyzes the impact of creative and cultural activities such as the
arts, advertising, audio-visual/film, cultural heritage, design, and
publishing; among others. This cross-cutting issue covers several
areas of focus for OAS-SEDI, including culture, competitiveness,
innovation, trade, tourism and facilitating the participation of
small and medium-sized enterprises in domestic and international
markets.
According to data compiled in the study, the
creative industries are expected to play a bigger role in the
economy in coming years. Yet, information suggests that more needs
to be done to unleash its full potential in the region: creative
exports have grown by 6.5% a year between 2002-11, a rate that while
exceeds the overall growth rate of most economies in LAC, is slower
than the annual 11.3% creative industry growth achieved by the
benchmark group of countries – a growth that is mostly driven by
China.
“If the Americas are to continue to
increase competitiveness in this changing global environment, they
need to put in place the right conditions for creativity and
innovation to prosper in a new entrepreneurial culture”
concludes the publication. Moreover, the sector warrants special
consideration as it tends to have a younger age profile than other
sectors and its growth could help provide job opportunities for
young people, a growing concern in the region.
As governments in the Americas look to actively
promote sectors with growth and job creation potential, relevant
data and analysis to make informed policy decisions are critical to
policy makers. Member states have recognized this need and called on
the organization to support “efforts to build capacity to measure
the social and economic impact of cultural activity, and to gather,
analyze and disseminate information on culture through the exchange
of information and practice in cultural information systems.” This
publication, which was possible through the financial support of
the Government of Canada and the People’s Republic of China,
responds to this call.
The OAS, IDB and the British Council have
pledged to continue their joint collaboration to promote the
creative economy in the hemisphere, particularly through the
establishment of more harmonized and rigorous measurement mechanisms
for the sector.
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