Expected Performance of Singapore's Creative Economy and Growth Prospects

46 Ms Usha Chandradas asked the Minister for Culture, Community and Youth (a) what is the expected overall performance of Singapore's creative economy in 2023; and (b) what are some of the key considerations that will determine the growth prospects of Singapore’s creative economy in 2024.

Mr Edwin Tong Chun Fai: Singapore has a vibrant and flourishing creative economy which includes sectors, such as the arts and culture, media and design. The nominal value-added from these three sectors increased by close to 50% over the past five years, from $7.9 billion in 2017 to $11.7 billion in 2022¹.

In the coming years, the outlook for the creative economy in Singapore is positive. The growth of the sector depends on many factors, including wider economic conditions. There are many opportunities for creative practitioners, especially if they are able to capitalise on growing demands and trends, such as leveraging technology and working with regional and international partners, to reach audiences beyond Singapore. The Government will also continue to provide support to help the sector grow by injecting funding, providing skills development opportunities and brokering partnerships with the private sector to open up opportunities for creatives.