The creative economy and its role in comprehensive development | ||||
| International Journal of Multidisciplinary Studies on Management, Business, and Economy | ||||
| Volume 6, Issue 2, December 2023, Page 64-87 PDF (1.31 MB) | ||||
| Document Type: Original Article | ||||
| DOI: 10.21608/ijmsbe.2024.274614.1007 | ||||
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| Author | ||||
| Mahmoud Sabry Ahmed Ibrahim | ||||
| Department of Political and Economic Sciences Studies and Research - Institute of Asian Studies and Research - Zagazig University. | ||||
| Abstract | ||||
| At the beginning of the twenty-first century, the world witnessed steady developments that talk about a new economy «creative economy», which is different from the traditional sectors that dominated the world in the last century. The creative economy has begun to develop and take up a large space, positively affecting the economies of some countries, recognizing its importance in diversifying sources of income, providing jobs, and sustaining it, because it comes from the imagination of talented people, and the minds of thinkers. Today, the creative economy represents the main concern of many countries of the world, especially those that have a historical and cultural heritage extended over the years. This economy is also one of the most important promising sectors of the future with steady growth and enormous potential and one of the fastest growing sectors in the global economy, the most active in terms of productivity and returns, job creation and opening export prospects, in addition to its role in promoting sustainable economic growth. The creative economy accounts for about (7%) of global GDP, and today is worth more than $4 bilions. Given the increasing importance of the creative economy and its role in promoting sustainable development, the United Nations announced during the 74th session of the United Nations General Assembly in 2019 the designation of 2021 as the Year of the Creative Economy to reach sustainable development in the world. This declaration reflects the importance of the creative economy and its role in facing challenges and difficulties. Many major international bodies and institutions, such as UNESCO, the United Nations Development Programme (UNDP) and the United Nations Conference on Trade and Development (UNCTAD), are working to support this type of economy. The term “creation economy” was coined to better understand how different sectors overlap and benefit from it, in an ever-changing digital world. Aware of the importance of the creative economy and the ability of culture and creativity to contribute directly to sustainable development, in addition to their social value represented in the quality of life, 40 countries of the world have developed strategies and plans for the creative economy. "The creative economy constitutes a comprehensive framework based on innovation and creativity in generating economic and social value. It is considered a fundamental factor in promoting sustainable development through fostering innovation and technology: The creative economy drives the development of new technologies and innovative solutions that achieve economic progress and address environmental and social challenges. Development of creative industries: It fosters the growth of creative sectors such as arts and design, opening new horizons for employment and contributing to the development of the local economy. Attraction of cultural tourism: It contributes to attracting visitors by promoting artistic and cultural tourism, strengthening the local economy. Development of rural and urban communities: It enhances the quality of life in communities by supporting local handicrafts and creative industries. A shift towards sustainability: It encourages the development of environmentally friendly technology and the utilization of renewable resources to achieve environmental balance. This economic model contributes to achieving sustainable economic progress, enhances cultural and social diversity, and works towards improving life in societies. Support for sustainability: It enhances innovation in resource utilization and encourages the development of environmentally friendly technologies to achieve environmental balance. Promotion of comprehensive community development: It connects economic growth with social and cultural development, working to improve the quality of life for individuals and communities as a whole. "In this paper, we will discuss the concept of the creative economy and its importance in sustainable development, as well as the global trends of plans and strategies related to the creative economy, the clarification of international trade in creative goods and services, and ways to build institutional and policy frameworks that enhance the role of the creative economy in the service of sustainable development. | ||||
| Keywords | ||||
| Sustainable development; creative economy; knowledge economy | ||||
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