The concept of economic resilience has gained prominence in the decade since the financial crisis of 2008/09, raising interest as to why some economies appear more able to withstand economic shocks, or to recover more strongly, than others. This is particularly pertinent in the current climate of economic uncertainty. In 2019, the Minister for Economy and Transport and the Deputy Minister for Economy and Transport asked the Wales Centre for Public Policy to advise them on the evidence base that can help inform policies to improve the resilience of the Welsh economy.
Our work draws on evidence from around the world, including the closure of major employers such as MG Rover in the West Midlands, as well as considering the particular role played by locally-embedded and mid-sized firms. Our final report will provide evidence-based insights into those characteristics which are believed to promote resilient economies as well as identify key themes that underpin effective policy making in this field.