Scotland’s economy is showing signs of recovery from the recent recession, but the signs are rather ambiguous in many cases. According to the latest report from the Bank of Scotland’s Business Monitor, more business owners are feeling cautiously optimistic about future stability and growth, but the emphasis is still on ‘cautious’.
After a downturn in the quarter up to February this year, things are looking better for the upcoming months. Chief economist at Bank of Scotland Donald MacRae said that businesses are recovering from the effects of wintry weather, and that the number of new permanent job appointments rose at the greatest rate since the end of 2009.
The Business Monitor’s findings do indicate that the labour market showed increasing vacancies especially in the construction and engineering sectors, but Mr. MacRae said the improvement in the job market will have to continue steadily if the country’s unemployment statistics are to change significantly.
Generally the Scottish economy seems to be on the road to better days. However, concerns about government spending cuts and rising costs of goods and services are tempering the outlook of many forecasters.