Gail Boag, ICAS chief executive, said: “The new government faces many significant economic and social challenges and once appointed, the First Minister and Cabinet will need to move quickly on several areas requiring urgent and sustained action.

“The immediate priority must be to set out a clear, coherent long-term economic direction that restores confidence and unlocks the investment Scotland needs.

“Delivering sustainable, viable growth will depend on decisive action to strengthen the country’s economic foundations, boost productivity and improve outcomes for people and communities.

“Our latest insights underline the importance of stable and predictable economic and tax policy, a strong pipeline of the right skills, improved financial literacy across society, and faster progress towards a low-carbon economy. Meeting these challenges will require collaboration between government, business, educators and professional bodies.

“ICAS looks forward to working constructively with the new administration to help build a resilient, inclusive and prosperous economy in the years ahead.”