The United Nations Conference on Trade and Development (2010), which has been instrumental in promoting and analysing creative economies all over the world through its Creative Economy Program, described the creative economy (CE) as “an evolving concept based on creative assets potentially generating economic growth and development.”
NFTs or non-fungible tokens are creating a buzz in the art world and creatives in Southeast Asia are buying in. They are latching on to the craze, experimenting with their digital work, and gearing up to take the NFT scene by storm.
There is a growing interest in the socio-economic contribution of the creative economy. It is spurred by the technological and digital transformation happening worldwide at an unprecedented rate and the increasing shift from an industrial to a knowledge-based economy where creativity and innovation are becoming critical.
ASEAN businesses need support to internationalise and engage in trade across borders and have a positive impact on economic growth. It is a wellknown that businesses that engage internationally can grow faster, experience higher turnover, adopt technological capabilities, and increase wages. In turn, their competitiveness improves in global value chains as well as in domestic markets.
The creative economy has the potential to not only strengthen the expansion of global value chains, increase digital adoption among creative small and medium-sized enterprises (SMEs), fuel the export of cultural goods and creative services, and foster ownership through local engagement, but also contribute to the overarching goal of sustainable development. The global market for creative goods increased considerably from 436 billion US dollars in 2002 to 964 billion US dollars in 2015 (UNCTAD, 2021).
The Creative Economy Programme of the United Nations Conference on Trade and Development (UNCTAD, n.d.-a) describes the creative economy as “the knowledge-based economic activities upon which the ‘creative industries’ are based.”
P: (+6221)7262991, 7243372
F: (+6221)7398234, 7243504