Transforming Scotland's economy

The next 10 years will be decisive in building a more resilient, entrepreneurial and fair economy, according to Economy Secretary Kate Forbes. 

Speaking ahead of the expected publication of the National Strategy for Economic Transformation, Ms Forbes said the Scottish Government will work with businesses, trade unions, third sector and public bodies to seize Scotland’s economic potential.

The publication later this week follows the recent announcement of the updated Strategic Framework that sets out how Scotland can move forward whilst managing the risks of Coronavirus (COVID-19).

Ahead of the launch the Cabinet Secretary will, on Monday, chair the Green Finance Taskforce to help transition Scotland in to a global leader for Green and Sustainable Financial Services. Building on the legacy of COP26, the group will develop an action plan to cement Scotland’s position as a world leader in green and sustainable financial services, helping to build capability and create new greener jobs.

Ms Forbes said:  

“From the television to the telephone, penicillin to steam engines, Scotland has a rich history of innovation and invention. In the next decade, Scotland faces a choice to either lead or to lag behind other successful economies all whilst we recover from Covid, deliver net zero, tackle structural inequalities and grow our economy. We choose to lead.

“Over the next ten years, we aim to deliver economic growth that significantly outperforms the last decade, so that the Scottish economy is more prosperous, more productive and more internationally competitive.

“To do that, we must be a country in which the public, private and third sectors respect each other’s strengths, draw on each other’s talents and work together to create and sustain an economy that works for all.

“This strategy is about delivering the best economic performance possible for Scotland within the current constitutional constraints.  There is much more we would do with greater powers, however this strategy takes decisive steps towards the creation of new, well paid, green jobs and will drive an economic recovery that will meet our climate and nature targets while ensuring we maximise the benefits of a just transition.

“We want the Scotland of tomorrow to be a more resilient and more entrepreneurial economy – in which everybody can share in our success. 

“As we look beyond the pandemic we must be ready to seize the economic opportunities that come with achieving net-zero and becoming a fairer country.”

Background

The National Strategy for Economic Transformation has been written in conjunction with business leaders, academics, trade unions and economists that were appointed to an Advisory Council, chaired by the Economy Secretary Kate Forbes, last summer.

Ms Forbes is expected to publish the strategy this coming week.