National Strategy for Economic Transformation: annual progress report June 2023

Introduction

by Barry White, Co-chair of NSET Delivery Board

The National Strategy for Economic Transformation, published in March 2022, set out our 10-year plan of how we will deliver economic growth that significantly outperforms the last decade, so that the Scottish economy is more prosperous, more productive, and more internationally competitive. The strategy’s ambition is not just to grow but to transform our country’s economic model so that we build an economy that celebrates success in terms of environmental sustainability, quality of life and equality of opportunity and reward, as well as economic growth.

Its vision is to transition to a wellbeing economy – thriving across economic, social, and environmental dimensions – which serves and prioritises the collective wellbeing of current and future generations.

The strategy set out five transformational programmes of action to drive improvements in Scotland’s economy: stimulating entrepreneurship; opening new markets; increasing productivity; developing the skills we need for the decade ahead; and ensuring fairer and more equal economic opportunities.

In addition, the strategy underlined the need to embrace a culture of delivery where partners come together as ‘Team Scotland’ to deliver the actions needed to truly transform the Scottish economy. A key part of this was a commitment to publish delivery plans setting out how we will work collaboratively with partners to implement the strategy. The delivery plans, and the metrics for success, were published in October 2022 along with equality impact assessments for each of the strategy’s programmes and for NSET as a whole. This report provides a summary of the progress made in implementing the delivery plans.

The report also sets out how we will ensure alignment with the policy prospectus outcomes set out by the First Minister, building on the foundations put in place for NSET. This has included the formation of the New Deal for Business Group to deepen public sector links with business.

Significant progress has been made in the first year of implementing our 10 year economic strategy, and this report summarises early progress and the latest indicators. Updated delivery plans will be published later this year, taking into account progress made, developments such as the hydrogen action plan, innovation strategy and skills review, and alignment to policy prospectus outcomes, always maintaining a focus on the most transformational activities for the Scottish economy.

Barry White Co-chair of NSET Delivery Board