Two very important aspects about the economy is that it must be able to create jobs and it has to grow. When looking at the Arts and Design to see where they fit into the economy these two factors have to be considered.
Arts and Designed can be classified as a creative industry. Every industry no matter what its type can play a role in the economy. As an industry it provides the opportunity for employment. There are numerous categories within the Arts and Design, and each of these categories can basically be classed as an industry of their own. For example, the visual arts is one industry while the Performing Arts is another. The same can be said for Design just by looking at some of the common sub categories such as Interior Design, Architectural Design or Product Design just to name a few.
Technology no doubt is imperative to a thriving economy and Design plays an important role in how technology performs.
Almost every country looks toward some form of tourism to help boost their economy. Tourists bring money into the country which boosts a wide variety of businesses. The Arts which provides many different forms of entertainment is a significant part of industry.
Innovation opens up the doors for new businesses to exist and contribute to the economy particularly through job creation.
In order for The Arts and Design to thrive they need to have the resources to develop their skills and creativity. This partially comes through education. With there being a need that education has to fill it provides the necessity for having good training institutions and qualified staff to sustain them.