Driving the Creative Economy to lead the way out
We’re proud to announce the launch of the Creative Industry Summit’s new blog and accompanying newsletter. We believe that it is essential now — more than ever — to connect, empower, enable, and celebrate the Creative Economy in Egypt and the Middle East.
The taste of the pandemic hasn’t left our mouths yet, and already we find ourselves in the midst of a global recession and unprecedented inflation that threatens our ambitions, and for some of us, our livelihoods.
But we shouldn’t give up. We shouldn’t just play safe or quit. If we do, you’ll miss out on any and all opportunities waiting to be discovered among the complex layers of today’s world.
Instead, we should make creativity and the Creative Economy a top priority…
Accordingly, this blog and newsletter will be dedicated to becoming a timely hub for sharing insights, promoting collaboration, and fostering dialogue among stakeholders in the creative economy.
Equally important, subscribing to our newsletter grants you early access to all of the Creative Industry Summit’s happenings throughout the year. These comprise of networking events, workshops, mentorship programs, forums, and festivals designed to tackle the Creative Economy’s most pressing needs.
The Creative Economy has no single definition, but…
The concept of the Creative Economy has gained increasing attention in recent years, yet it is still a term that lacks a single, universally-accepted definition. However, regardless of how it’s defined, there is no denying the creative economy’s importance in economic growth, job creation, and social development.
Industries and sectors that fall under the umbrella of the creative economy include advertising, marketing communications, architecture, arts, design, film, music, publishing, and esports. The creative economy encompasses a wide range of activities that generate value through the creation and distribution of cultural and creative goods and services.
The obvious common factor between all of these industries is that human creativity is essential. Without it, the industry wouldn’t exist in the first place.
The creative economy in Egypt and the Middle East is a rapidly growing and dynamic sector, with tremendous potential for growth and development. Despite the challenges, many successful case studies and best practices from the region demonstrate the creative economy’s potential to act as a catalyst for innovation, entrepreneurship, and social change.
of the global GDP
in cultural and creative industries worldwide
Source: UNESCO (2022): ‘Re-shaping policies for creativity: Addressing culture as a global public good’
The creative economy promotes social inclusion, cultural diversity, and human development. These factors place creative industries as crucial sectors for achieving the 2030 agenda.
Driving the Creative Economy to lead the way out
- Job creation: The creative economy is primarily known for being a source of job creation, particularly in small and medium-sized enterprises. This is especially important during an economic recession when unemployment rates tend to rise and traditional industries may be struggling.
- Economic growth: The creative economy can also drive economic growth, even during a recession. Often, it’s less affected by economic downturns than other sectors and can continue to generate income and wealth.
- Innovation: The creative economy is known for fostering innovation and entrepreneurship. Essentially, it can help us reimagine how we do things, create new opportunities, and stimulate economic activity.
- Diversification: A strong creative economy can help to diversify a country’s economy, making it less susceptible to fluctuations in other sectors. This can help to mitigate the effects of a recession on the overall economy.
- Social development: The creative economy can also play a role in promoting social development and inclusion. Disadvantaged groups may be disproportionately affected by economic downturns, so it’s key during a global slow-down.
- Resilience: The creative economy has been shown to be more resilient to economic downturns than other sectors, which is important during a recession where other sectors may struggle.
- Quality of life: The creative economy can contribute to the overall quality of life in a community by providing opportunities for expression, engagement, and cultural participation.
We’re aware that while the creative economy can be a source of resilience during a recession, it is not immune from the effects of an economic downturn, and may still experience challenges and difficulties. However, by developing and supporting the creative economy, it can play a leading role in mitigating the negative effects of the recession and promoting economic recovery.
How would you define the Creative Economy? What role do you see it has the potential to play this year?
Share your thoughts with us via [enter communication channels] and let’s grow this key conversation together…
And don’t forget to subscribe to our newsletter so you don’t miss any of our events. You’ll get early access to them alongside a constant stream of through-leadership pieces, crucial discussions, and valuable insights.