Megatrends shaping economic change

This report takes a forward look at the megatrends – major trends or movements – which are shaping Scotland’s current and future economy. Megatrends are recognisable forces of change that are already happening and are likely to continue in future. This report maps these against Scottish Enterprise’s Strategic Ambition and the Scottish Government’s ten-year National Strategy for Economic Transformation goal of creating a fairer, greener and wealthier economy.

The report is based on desk research.

The 2020s are bringing complex, fast-paced and volatile change. We’re a smaller world, connected as never before. Innovation and economic shocks spread quickly, and change is often disruptive and unpredictable.

The current environment is particularly influenced by the consequences of the Russia/Ukraine war, post Brexit/Covid skills constraints and the rising cost of doing business. Businesses need to work hard to adapt to these powerful changes and to remain competitive.

But beyond these ‘acute’ issues, what are the deeper, chronic forces that are almost imperceptibly driving transformative change over the longer-term? The report highlights our current assessment of the five megatrends driving change over the 2020s and beyond:

• Shifting global power
• Societal shifts
• Hyperconnectivity
• A changing climate
• An economy reinvented.

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