Report shares how to foster growth in the creative economy, which already accounts for 2.2% of the GDP of Latin America and the Caribbean.

The Inter-American Development Bank (IDB) released 10 Years of Championing Culture and Creativity: The IDB's Commitment to Cultural and Creative Industries, a publication that lays out challenges, opportunities, and recommendations for making culture and creativity a cornerstone of economic recovery in Latin America and the Caribbean.

The creative economy has among the highest growth rates of any sector of the region’s economy. It generates $124 billion in revenue, or 2.2% of the region's GDP, and employs 1.9 million people.

The IDB has been a pioneer in supporting cultural and creative industries, approving over 120 projects with initiatives for the sector’s development in recent years. It has also spearheaded efforts to generate knowledge and intersectoral public policy dialogues on the topic. The bank’s portfolio of operations and technical cooperation from 2013 and 2022 includes $2.538 billion associated with creative and cultural development.

To support and reactivate this sector, the IDB has promoted new financial mechanisms like fintech and equity crowdfunding and designed public policies for the cultural industry. The bank also focuses on digitizing cultural spaces. For example, the IDB and the Museo Nacional del Prado recently launched an online course on digital strategic planning for professionals from museums and cultural institutions in Latin America and the Caribbean.

The interdisciplinary nature of the IDB's work in this area is evident in projects like the Audiovisual Sandbox, a partnership between IDB, Netflix, and the Colombian Ministry of Culture. This public-private collaboration unites audiovisual and education to train young people in vulnerable situations so they can access job opportunities in this sector.

"Cultural and creative industries can be an enormous catalyst for social change. They create jobs, help diversify economies, fuel innovation, and are socially inclusive since almost 50% of their workers are women. Without question, culture is a productive agent of change and development," said Trinidad Zaldivar, head of the IDB's Creativity and Culture Unit.