The Data Lab, Scotland’s data and AI innovation centre, hosted its first business breakfast exploring key factors impacting the economy. Speakers Dr Gary Gillespie, Chief Economic Advisor at the Scottish Government and Kirsty Brown, a member of The Data Lab’s Governance Board, highlighted that the economy continues to grow in spite of cyclical downturns, but stress-testing and scenario planning can help us quantify threats and potentially thrive.
We recently hosted our very first business breakfast for partners and senior data and AI leaders from Scotland and beyond. Attendees were treated to insights from our esteemed speakers Dr Gary Gillespie, Chief Economic Advisor at the Scottish Government and Kirsty Brown, a member of The Data Lab’s Governance Board, who discussed key topics and trends shaping the economic and business landscape to explore future challenges and trajectories.
Investment opportunities in Scotland
The event brought together high-calibre speakers representing both the public and private sectors to offer insights through their own observations, modelling and experience. Dr Gillespie demonstrated that in spite of economic peaks and troughs, the underlying economy continues to grow. The current global geopolitical uncertainty is affecting supply chains, causing businesses to reassess their risk exposure to disruptions and cost pressures. However, there are strong investment opportunities in Scotland across several sectors, including renewable energy, technology, and digital industries, which also offer opportunities for supply chains in Scotland.
With the exception of the most recent two years, when the growth rate has been stagnant, we are expected to return to a state of steady growth going forward.
Trump’s impact on Europe
The economic picture through the Government lens was a useful foundation for the following talk presented by Kirsty Brown, who explored the risks and opportunities facing Europe in the event of a second Trump presidency. By appraising and evaluating an upcoming change, Kirsty demonstrated how you can identify the areas that are most at risk. Highlighting the research of her team in identifying the key areas of policy (trade tariffs, foreign policy, state support, energy and climate, and social policies), Kirsty explained how they would affect individual European countries and specific industries. Trade tariffs and climate change policies will have the biggest impact on us, with a key takeaway being the sustainability of supply chains.
Optimism for the future
The combination of perspectives from both speakers, with Dr Gillespie’s focus on historic data trends and Kirsty Brown’s focus on forecasting potential threats, highlighted how we can learn from the past and plan for the future. In spite of cyclical downturns, the economy continues to grow, but stress testing and scenario planning can help us quantify threats and potentially thrive. The overall message from both of our speakers was one of cautious positivity for the short-term economic forecast. It would be remiss not to mention the breakfast itself, which was very well received!