Business deaths are spiralling across the UK, with business-related fatalities reaching record highs, according to a report by the Scottish Government.
The Scottish Government’s new ‘business deaths’ report, which aims to help businesses navigate Scotland and Britain’s death spiral, says that as of March 1, there were more than 8,200 deaths due to workplace accidents.
Of those, about 3,700 were due to work-related causes, while the rest were related to natural causes.
The report also shows that business deaths are on track to become the third highest annual number of deaths in Scotland, behind the number of homicides and suicides.
It’s not all bad news, however.
There are some positive signs, with Scotland’s economy set to contract by 0.5% in the next year, according the report.
That’s on track for a 0.6% decline in GDP.
However, the report also highlights the significant challenges businesses will face in navigating the death spiral.
“In the coming years, the Scottish economy will experience a sharp drop in economic activity, as the decline in population and migration from Scotland’s main cities increases pressure on businesses in rural areas and the city of Edinburgh,” the report states.
The figures, however, are not a complete picture of what the future holds for Scotland’s business climate.
For instance, the country is still the biggest exporter of goods and services in the world, accounting for almost half of global trade, but it is forecast to fall by 1.6%.