Scotland must address eight core issues in order to seize export opportunities and build an economy fit for the future, according to a study by the Fraser of Allander Institute.
The ‘Scotland in 2050: Realising Our Global Potential' report canvassed the views of more than 100 business leaders, industry bodies and representatives of public and third sector organisations.
The Institute identified key trends, opportunities and risks that Scotland needs to respond to in order to compete in a rapidly evolving global economy. Crucially, the global nature of these issues will be important irrespective of Brexit or other forms of constitutional change.
The report, commissioned by the law firm Shepherd and Wedderburn to coincide with its 250th anniversary, makes eight key recommendations.
The recommendations seek to address low productivity, the skills gap, lack of strategic export focus, outdated infrastructure, political short-termism and the potential for growing pressure on public services as a result of the revised budget arrangement agreed by the Scottish and UK governments.
The report concludes that Scotland needs:
Professor Graeme Roy, Director of the Fraser of Allander Institute, said, "Our economic analysis and engagement with business has shown Scotland has key strengths that should give the country optimism for the future.
"But in many areas there is scope for improvement: our export base is too narrow and we lag behind many of our competitors. If Scotland is to take advantage of the changing nature of the global economy in the coming decades, it will need to boost its level of internationalisation."
Shepherd and Wedderburn will be hosting a series of political engagement events in Edinburgh, Glasgow and Aberdeen in May to discuss the findings in the Fraser of Allander Institute's final report.
Download Scotland in 2050: Realising our Global Potential Final Report.