Creative Industry Emerging As Growth Driver For BRICS+ Economies

KUALA LUMPUR, Sept 29 (Bernama) -- The creative industry is emerging as an increasingly important source of economic growth for BRICS+ countries, driven by the growing value of intellectual property, digital technology, cultural assets and creative talent.

The shift reflects a broader transformation in the global economy, where knowledge, innovation and creative capital are gaining greater weight alongside traditional industries, according to an analysis by TV BRICS.

The analysis titled “Creative economy: how culture, creativity and innovation influence finance and minds” found that creative industries support innovation, increase the competitiveness of cities, contribute to sustainable development and promote exports.

However, investors still regard this sector as less of an independent investment area compared with traditional industries, including trade and construction.

“The global economy is gradually shifting towards a model where knowledge, intellectual property, technology and creative capital play an increasingly important role,” it said.

The United Nations considers the creative economy one of the drivers of sustainable development. The global creative industry market was estimated at US$2.9 trillion in 2024 and could exceed US$4.3 trillion by 2033, with an average annual growth rate of 4.3 per cent.

The industries also account for around 3.1 per cent of global gross domestic product (GDP), 3 per cent of global trade and more than 6 per cent of employment. Some segments of the sector are growing by up to 8 per cent annually, in some cases twice as fast as traditional industries.

Its contribution to global GDP could reach 10 per cent by 2030.

Creative industries include design, architecture, education, advertising, new media, painting, cinema, jewellery, music, museums, visual arts and other activities based on the creation and commercialisation of intellectual and cultural products.

Within BRICS+, the analysis identified different development models, ranging from technology-driven approaches in China and the United Arab Emirates (UAE), hybrid models in Russia and Brazil to culturally driven models in countries including India, South Africa, Iran, Egypt and Ethiopia.

China accounts for the largest share of the creative economy among BRICS+ countries, valued at US$879 billion, followed by Indonesia at US$105 billion, Russia (US$87 billion) and Brazil (US$78 billion).

-- BERNAMA