Scotland’s economic recovery in the wake of the coronavirus pandemic over the next two years is expected to outpace the UK average, a KPMG reports suggests.
Scotland’s economic output fell 9.6% in 2020, while across the UK it was 9.9%.
The latest “best-case” analysis from KPMG with a continuing successful vaccine rollout and a post-lockdown “consumer bounce” could result in Scotland recording annual growth in 2021 of up to 5.5%, compared to 4.6% UK-wide.
Scotland’s economy would then grow by an anticipated 5.8% in 2022, compared with 5.6% across the UK.
Catherine Burnet, KPMG’s Chairwoman in Scotland, said:
“Our latest economic forecasting undoubtedly offers some optimism.
“It’s reassuring to see that the economy could be completely back to pre-COVID levels of growth within two years.
“The SNP Government’s road map out of restrictions, coupled with our latest economic modelling and the COP26 summit in Glasgow this November, offer real hope that we can build back and regain lost ground with a focus on a truly sustainable, green recovery.
“To achieve this, we’ll need business and political leaders to work more collaboratively than ever before on a strategy that ensures Scotland’s long-term success.”
Kenneth Gibson added:
“This is a welcome confirmation that the SNP Government is on the right track to economic recovery.
"Given that the expectation that Scotland will outperform the UK is based on the SNP Government’s vision and carefully considered economic strategy, it makes sense to ensure continuity by re-electing an SNP Government that is already working constructively with businesses and industry bodies to bring this to fruition.”