A new development paradigm is emerging that links the economy and culture, embracing economic, cultural, technological and social aspects of development at both the macro and micro levels. Central to the new paradigm is the fact that creativity, knowledge and access to information are increasingly recognized as powerful engines driving economic growth and promoting development in a globalizing world.
The emerging creative economy has become a leading component of economic growth, employment, trade and innovation, and social cohesion in most advanced economies. Unfortunately, however, the large majority of developing countries are not yet able to harness their creative capacity for development. This is a reflection of weaknesses both in domestic policy and in the business environment, and global systemic biases. Nevertheless, the creative economy offers to developing countries a feasible option and new opportunities to leapfrog into emerging high-growth areas of the world economy.
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