17
The value of college graduates to the Scottish economy, September 2017
That being said, most other advanced economies perform better than the UK (and Scotland). As Chart 7
highlights for example, the UK (and Scotland's) productivity rates are around 15% below the G7 average.
At the same time, the Scottish Government has argued that many other comparable nations have
performed better not just in terms of productivity, but also on measures of equality, wellbeing and
sustainability.
The Scottish Government's Economic Strategy - and supporting Labour Market Strategy - together set
out how they intend to tackle these objectives. Education, skills and training are central to achieving that
ambition.
3.6 The Scottish Government's Economic Strategy
The Scottish Government's Economic Strategy has two 'mutually supportive goals' of increasing
competitiveness and tackling inequality with fair work at the centre of that approach. Diagram 1 shows how
the various components of the Strategy - and in particular the ambition for inclusive growth - are linked.
Investing in colleges has an important role in all of these priorities. However, as with all policy
interventions, there will be some areas where the impact is greater than others.
Diagram 1. Components of the Scottish Government's Economic Strategy
Source: Scottish Government