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.