Scotland’s National Strategy for Economic Transformation

A new National Strategy for Economic Transformation, underpinned by detailed analysis of Scotland’s economic strengths and weaknesses, has been published.

The strategy contains over 70 actions across five key priority programmes that have been identified as having the greatest potential to deliver economic growth that significantly outperforms the last decade within the current constitutional arrangements.

Investment will be prioritised in entrepreneurialism, skills and retraining and the development of new markets and opportunities, particularly in the Just Transition to net zero. Economy Secretary Kate Forbes says it provides renewed clarity on Scotland’s economic vision and a relentless focus on delivery in order to improve economic productivity, accelerate growth and ensure work provides a genuine route out of poverty through better quality jobs and higher wages. 

One of its programmes will focus on productive businesses and regions to realise the potential of the different economic and community assets, including rural areas.

Some of the commitments include:

• make Scotland’s businesses, industries, regions, communities and public services more productive and innovative;
• tailor interventions to regional strengths and opportunities;
• introduce Community Wealth Building legislation that builds on the local and regional pilots in urban and rural areas;

Ms Forbes said:

“This strategy intentionally focuses on five key priorities, within Scotland’s current powers, that we believe will deliver most impact. These are based on extensive data analysis which does not ignore the short or long term challenges and seeks to meet them head on. It does so by identifying our key strengths as a nation and the economic opportunities with the greatest potential for Scotland.  Through our detailed analytical work we have identified significant and targeted action that can shift the dial in these areas, by doubling down on the work that is producing results and by working together to maximise our success.

“We must now be bold, ruthless and laser-focused to maximise the impact of the actions we have identified.  We all know the challenges of our day – the short term and the long term – but through the tumultuous times of the past, Scotland has pioneered solutions, created jobs and established highly successful businesses. The opportunities of decarbonisation, new technologies and successful industries are far greater than the challenges.

“This is a unique moment and we are ready, willing and able to lead the way and ensure Scotland capitalises on the opportunity.”

For more details and the full strategy document, please visit the Scottish Government website.