UN: Creative industries beat recent world economic crisis

Mar 30, 2011, 19:27 GMT

New York - Creative industries, from books to audiovisuals to music and performing arts, doubled their profits to 600 billion dollars in 2008 while the world economy was in recession, a new report by UN agencies said Wednesday.

The Creative Economy Report 2010 said global exports of creative goods and services took off between 2002 and 2008 to double their incomes despite the economic downturn. The creative economy also includes crafts, films and new media.

On average, the creative economy has had an annual growth rate of 14 per cent. By contrast, global commerce dipped 12 per cent in 2008 and did not recover until recently, the UN Development Programme and UN trade and development agency said in their report.

'If well nurtured, the creative economy can be a source of socio- economic growth, jobs, innovation and trade, while at the same time contributing to social inclusion, cultural diversity and sustainable human development,' said Rebecca Grynspan, an associate administrator at UNDP.

The report cited examples of creative economic successes, such as soap operas in Mexico and Brazil, the film industry in India, reggae music in Jamaica and carnivals in Brazil and the Caribbean as helping developing countries to promote trade and employment.

It noted Nigeria's thriving film industry, called Nollywood, which was worth annually 2.75 billion dollars and produced 1,000 films a year. Nigeria ranked third after the United States and India in terms of movie production.

The Nigerian government invested in the film industry because it was the most profitable after its oil exports.

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