Connecting the Dots - Issue 3

Creative Industries: Growth and Governance of Value

Creative industries could represent 10% of global GDP by 2030

Creativity is no longer just about culture — it is shaping the global economy.

The creative economy is already a global powerhouse. UNCTAD (2022) values it at more than $2.25 trillion annually, employing close to 50 million people worldwide. In countries where it is most developed, creative industries contribute 2–7% of GDP. Looking ahead, the International Finance Corporation (2023) projects that the sector could reach 10% of global GDP before 2030, with music revenues alone expected to grow to $131 billion.

Creative services have nearly doubled in value between 2010 and 2022 (UNCTAD).

The scale of opportunity is reinforced by its multiplier effect.

According to IFC, every $1 invested in creative industries generates $2.50 in the wider economy. Investment in culture is not only about preservation or passion — it is a proven engine of growth, innovation, and inclusion.

This momentum is especially visible in Africa, where UNESCO estimated the film and audiovisual sector generated $5 billion annually in 2021, and employs around five million people. Afrobeats and Nollywood now reach audiences worldwide, while African designers influence global fashion. With the continent’s youth population set to double by 2050, the creative economy could create up to 20 million new jobs by 2030.

This transformation is not limited to Africa. Across the Middle East, nations such as the UAE, Qatar, and Saudi Arabia are investing heavily in museums, biennales, and cultural districts, forging partnerships with leading institutions from the Louvre to the Centre Pompidou. 

These strategies highlight that culture has become both an economic driver and a source of soft power.

For all this diversity, one principle is constant: the governance of value matters as much as capital. Ensuring that intellectual property rights remain with creators, infrastructures are developed locally, and skills are transmitted across generations will determine whether the creative economy delivers sustainable growth. Equally important is maintaining a balance between heritage and creation, connecting past and present without diluting identity.

Creative industries already contribute directly to the Sustainable Development Goals by fostering inclusive growth, advancing gender equality, and encouraging responsible consumption. As the World Economic Forum often notes, creativity and culture are not peripheral to economic development — they are central to building resilient, future-ready societies.

“The trajectory of the creative economy will be defined not only by its growth, but by how equitably its value is governed and shared. ”