Evaluating culture-led growth strategies in Asian economies: A multi-regional input-output analysis

Abstract

Culture-led development strategies have been widely adopted across Asian economies to stimulate territorial growth through diverse policies and initiatives aimed at promoting cultural and creative industries (CCIs). This paper attempts to evaluate the economic impact of cultural and creative industries in the Asian region using a Global Multi-Regional Input-Output (GMRIO) model. Results show that, according to the GMRIO multipliers, an additional $1 million of final demand in CCIs corresponds to $1.59 million in value-added, $0.70 million in income, and 80 jobs. However, the effects vary regionally and depend on development paths: Eastern Asia shows strong value-added and income multipliers but weaker employment effects, while Southern and South-Eastern Asia display the opposite trend. Mainland China stands out with high multipliers across all dimensions, reflecting the combination of large market and structural characteristics of its economy. These findings highlight how the observed structural differences in multiplier effects suggest potential trade-offs: more developed economies show higher value-added and income multipliers, while lower-income economies tend to have higher employment multipliers. These patterns can inform discussions and strategic planning on how CCIs may be leveraged according to regional characteristics.