THE United Nations Conference on Trade and Development (Unctad) called on efforts to fast-track the recovery of the creative economy to boost the world’s chances of reaching the Sustainable Development Goals (SDGs) in 10 years.
Unctad said 2021 was designated as the “International Year of Creative Economy for Sustainable Development.” It is estimated that creative industries globally employ about 30 million people.
Marisa Henderson, Unctad’s creative economy program head, said that while there are no new estimates of the impact of Covid-19 on the creative industries, “the prospects look bleak.”
“Hence, the urgent need to both promote and protect the creative industries that make up the creative economy, especially in the decade we have left to achieve the Sustainable Development Goals (SDGs),” Henderson said.
“Without them, the economic development, women’s empowerment, and cultural and poverty alleviation targets within the SDGs are unlikely to be met,” she added.
The creative economy covers the knowledge-based economic activities upon which the “creative industries” are based. These include advertising, architecture, arts and crafts, design, fashion, film, video, photography, music, performing arts, publishing, research and development, software, computer games, electronic publishing and TV/radio.
Efforts to help the creative industries recover from the pandemic is paramount, given the track record of the sector in boosting growth in the past 20 years. Unctad said the growth rate of creative economy exports has often outpaced that of other industries.
Unctad, citing data from professional services firm EY, said the creative economy accounts for about 3 percent of global GDP. However, the UN agency said, the creative industries are worth more when the cultural value is added to its commercial gains.
In 2019, the Department of Trade and Industry (DTI) envisioned that the Philippines will become the top creative economy in Southeast Asia by 2030 on the back of strong advertising, film, animation, game development and design industries.
However, 2020 data from the National Economic and Development Authority (Neda) showed that the Arts, entertainment, and recreation sector was the hardest hit sector by the lockdowns imposed to avert the spread of Covid-19.
The estimated losses of the Arts, entertainment, and recreation sector reached 82.3 percent of sales for firms open during Enhanced Community Quarantine (ECQ). A total of 18,661 firms were forced to close due to the lockdowns and only 1,874 firms operated.