Transition from industrial to a knowledge economy caused by the Fourth Industrial Revolution (4IR) where creativity and innovation are getting more and more critical for lengthy-term fulfillment. As a result, many countries, inclusive of ASEAN, have shifted to a creative economic system in recent decades. Many efforts were made in Southeast Asia to assist creative industries and increase the innovative economy, spotting the capacity of knowledge-based totally financial activities to foster income.
The creative economy has enormous potential to contribute to sustainable development. And the word "sustainable" means a lot to the globe right now since the world cannot rely on non-sustainable items. In creative economy the word “sustainable” is just like the middle name of it, un like any other industry. It's no surprise that the creative economy is a world leader.
Over the previous 13 years, global export growth of creative goods has climbed by 7%, and the value of creative services has consistently increased as organizations digitalize their operations. Nonetheless, while data show that creative companies are thriving in growing markets in Asia and the Pacific, such as the Association of Southeast Asian Nations (ASEAN) region, the creative sector's expansion in these countries is still slower than in other parts of the world. During the period 2012–2015, the growth of creative commerce slowed. Malaysia and Thailand had a decline in exports, while Indonesia, Malaysia, Singapore, and Thailand saw a fall in imports.
The Thai government anticipates that the creative industry will play a larger role in Thailand's economic development across industries. The National Statistical Office of Thailand has reported that over 800,000 individuals work in Thailand's creative sectors, which contribute 9.5 percent of the country's GDP. The Thai government has prioritized the creative industry for growth owing to its potential to boost the country's international recognition and economic worth.
The strength of Indonesia's creative economy is its cultural variety. It's because Indonesia is the world's most culturally diverse country. This strength will undoubtedly have the capacity to propel Indonesia to the forefront of the creative economy. Indonesia, as the largest economy in South East Asia, ranks third in terms of creative economy (industry). In recent years, entrepreneurs in Indonesia have become increasingly involved in creative economy projects for sustainable development via the use of digital platforms and other digital technologies to link their culture with bigger audiences. Many creative industries are partnering with influencers such as YouTubers to advertise and promote their products. As a consequence, the creative economy generated more than 7% of GDP in 2017 - and employed an astonishing 15.9 million people. wwwwwwwww
