The Creative Economy Leads the Economic Growth and Creates Jobs During the Recessions in Korea
Seoul National University
Lee, C. (2018). The Creative Economy Leads the Economic Growth and Creates Jobs During the Recessions in Korea. Business Creativity and the Creative Economy, 4, 32-39. https://doi.org/10.18536/bcce.2018.10.8.1.04
The purpose of this study was to analyze whether the creative economy would lead economic growth and create jobs before and after the financial crisis in Korea. Looking at the outcome of creative economy shows that Information and Communication Technology (ICT) industries affected the Gross Domestic Product (GDP) growth rate, increasing it by 9.3~10.4%. Moreover, ICT industries had a positive effect, 5.7~7.3%, on the economic growth during a recession. In addition, the creative industries as a whole, including the ICT sector, led to total employment increases before and after the financial crisis. For example, the growth rate of workers in creative industries had a significant positive effect (2.9~3.0%) on total employment increase.
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