Scotland in 2050 : Realising Our Global Potential

Fraser of Allander Institute; Black, James and Roy, Graeme. (2018) Scotland in 2050 : Realising Our Global Potential. University of Strathclyde, Glasgow.

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Scotland is a rich and prosperous nation. We rank highly on indicators of economic prosperity and compare well to other advanced economies and different parts of the UK. We have substantial natural resources, a skilled workforce and key strengths in sectors such as food and drink, tourism, energy and financial and professional services. But the last 10 years have not been without major challenges. Growth remains below trend and household earnings have been squeezed. Scotland has always been an open and global trading nation, and this will continue to be a key source of growth in the years ahead. But recent political and economic instability has helped to create a more uncertain outlook for the global economy. In an uncertain world, what are the risks and opportunities for Scotland? And what lessons can we learn from past experiences and the success of others to deliver a more prosperous future? This study summarises the key data on Scotland’s current economic performance – both domestically and internationally – and outlines a series of major global trends that we believe will shape Scotland’s future. Our aim is to start a conversation with businesses across Scotland to find out what works (and what doesn’t) and to offer an impartial assessment of the opportunities and risks that we face.