How is Scotland placed to weather the storm? Each of the big cities and regions has its own set of problems and diverse industries, so will be hit in different ways.
How is Scotland placed to weather the storm? Each of the big cities and regions has its own set of problems and diverse industries, so will be hit in different ways. But whether through the private or public sector, each is preparing to stave off the worst effects and be in a sound state to take advantage of the eventual recovery.
GLASGOW and WEST
Glasgow has a strong eco-nomy despite having some of the most deprived constituencies in the UK.
Even in the middle of the banking crisis, new jobs were being created in its International Financial Services District, and the warship-building yards on the Clyde have their healthiest order books in years, thanks to their share in the contracts for two giant aircraft carriers for the Ministry of Defence and offshore patrol boats for Trinidad and Tobago.
Council leader Steven Purcell has just announced a scheme which will provide £8000 to small and medium-sized firms taking on an apprentice, and the council has set up an Economic Advisory Board comprising leading business figures Sir Tom Hunter, Willie Haughey, Jim McColl, Akmal Khushi and Dr Lesley Sawyers.
That complements other initiatives, including more flexibility in the council's land disposal policy to make it easier for projects to get started.
In addition, the city's Business Investment Fund, which offers flexible loans to small and medium-sized businesses, is being extended and a £36m Better Glasgow Fund has been created to pay for regeneration projects.
The city is also benefiting from the work on the missing link of the M74 and projects connected to the 2014 Commonwealth Games.
EDINBURGH and EAST
Scotland's capital claims it is holding up "extremely well" so far in the face of the banking crisis.
Investor interest in the city is strong and the underlying economy is robust, it insists.
"Tesco Finance, for instance, announced recently that it was to make Edinburgh its permanent headquarters, creating up to 400 jobs. Edinburgh has relied heavily on the finance sector in the past as part of its economic make-up, but that may have tended to overshadow our strong performance in science, creative industries and tourism," the city council said.
The council also points out that Edinburgh is one of the most popular locations in the UK for international conventions, and highlights the strength of its universities.
NORTH-EAST
Aberdeen still has one of the strongest economies in the UK thanks to the oil and gas industry, and it has outperformed the rest of Scotland over the last five years.
However, the falling price of oil and gas could have a damaging effect on investment and Abi Tierney, who was the city's Director of Strategic Leadership until last week, is concerned about companies maintaining commitments planned when the price was buoyant.
She said: "One of the challenges is that this year's investment was agreed at a time when the oil price was very high."
DUNDEE, PERTH and CENTRAL SCOTLAND
Dundee's economic development plan notes the area is moving from several years of sustained growth to a period of economic uncertainty.
However, it boasts two of the most vibrant areas where future growth can be expected - the life sciences and digital media sectors.
Both have played an increasingly important part in sustaining the city and now employ more than 10,000 people.
Perth and Kinross council has established an Economic Leadership Board, which met for the first time earlier this month following a summit involving 20 of the area's biggest local employers.
BORDERS, DUMFRIES and GALLOWAY
Tourism is a mainstay for both areas, with the Borders pitching itself as Scotland's leading short-break destination.
Bed-and-breakfast and hotel bookings are said to have held up well over Easter and look reasonable in the short term. But there is uncertainty over what will happen in the rest of the year.
The picture is much the same in Dumfries and Galloway. Middle-range tourist hotels are said to be taking a hit though, while top-of-the- range hotels and self-catering are doing better.
In the farming sector, livestock and arable are reported to be holding up reasonably well, though there are concerns over the dairy industry because of a price squeeze from its customers.
HIGHLANDS and ISLANDS
Although unemployment is high and there are doubts over fish-farming and a predicted boom in tourism induced by the weak pound, there is one major reason for confidence:the high level of public sector jobs, which will be safe despite the economic crisis.
