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APEC Creative Industries in The Post-COVID-19 Pandemic: General Situations and Policy Responses

COVER_224_DESG_APEC Creative Industries in The Post-COVID-19 Pandemic
Published Date March 2024
Type of Publication Reports
Publication Under Committee on Trade and Investment (CTI), Digital Economy Steering Group (DESG)
Accessed 612
Pages 58
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Description

The global creative industry contributes USD 2.2 trillion annually, accounting for 3% of the world's GDP, though the sector's potential remains underexplored. Data reveals consistent growth in export-import activities, with a brief setback in 2020 due to the COVID-19 pandemic. APEC economies should recognize the upward trend as an opportunity for post-pandemic recovery and prosperity acceleration. COVID-19, despite its adverse effects, prompted innovations, such as online concerts and marketplaces. However, disparities in digital infrastructure and skills hindered some economies. Examining APEC economies' responses to the pandemic, this paper advocates for digital transformation as a crucial tool for economic recovery in the creative industry. Best practices, drawn from the APEC Workshop, emphasize market access, financing, and creative hubs. Recommendations, spanning short to long-term goals, propose public and private investment, digital platform utilization, creative hubs, skill integration, and the creative industry as a catalyst for new economic models. Bridging gaps between APEC economies is essential to harness the economic potential of the creative industry.