After a decade of continuous growth, the UK economy is facing a severe recession with the economy in Scotland projected to shrink by 0.4 per cent in 2009, before growing again by 1.5 per cent in 2010. But what sectors and strategies are best suited to drive this growth?
At the heart of the recession is the collapse of the financial services industry, with bank failures and nationalisations on a scale not seen for decades.
The challenge facing the UK economy is now to find new sources of growth that will drive prosperity over the coming years.
The Scottish Government has identified long-term goals for Scotland's economy and society. These include boosting Scotland's growth, productivity, population and participation, However this research argues that traditional 'industrial policy' of 'bailing out industries is not the best way to achieve this goal.
Published
March 2009
Author
James Meadway and Juan Mateos-Garcia
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