Scotland's National Strategy for Economic Transformation: summary

The Opener by the Cabinet Secretary for Finance and the Economy

Scotland has extraordinary economic potential. Our natural resources, heritage, talent, creativity, academic institutions and business base in both established and emerging sectors are the envy of many across the world.

This strategy recognises the opportunities and the challenges facing Scotland. It sets out how, 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.

We will do this through focused interventions, working in collaboration with businesses and other partners, building on our strengths in sectors like energy, financial services and life-sciences and carving out new strengths in technology, space and decarbonisation.

In the next decade, we face 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.

This strategy is about delivering the best economic performance possible for Scotland within the current constitutional constraints. It takes decisive steps towards the creation of a wellbeing economy, and drives a green economic recovery to meet our climate targets while ensuring we maximise the benefits as part of a just transition,

Our approach has been informed by the Advisory Council for Economic Transformation and wide ranging engagement with businesses, unions and other stakeholders.

Throughout the development of this strategy, one message has been particularly clear. As a country we will be judged on the outcomes we deliver, not the strategy we write. Words and intentions matter, but only actions deliver change. The task of transforming our economy requires an equally radical transformation in the way we deliver results. Government will provide clear and decisive leadership, but it can't and shouldn't do everything. Ours 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.

Kate Forbes MSP
Cabinet Secretary for Finance and the Economy