However, it also warned that, despite the upbeat long-term North East forecast, there remains much to be done to drag the region through the recession. NECC head of policy Ross Smith said: "The North East is fast developing real expertise in a number of key science sectors and that will be critical as globalisation continues and knowledge-based industries become a huge source of competitive advantage.
"While it’s great to see positive predictions and we share the view that there’s a real strong future for the region, there are still short-term difficulties which we need to have full concentration on dealing with."
Carole Beverley, chief executive of the Entrepreneurs’ Forum, agreed with the report’s findings that there could be some positives to come out of the recession.
She said: "What we are seeing is that people who haven’t necessarily been before are realising that becoming entrepreneurial could be the perfect way to take advantage of those opportunities."
Criticising the report’s failure to recognise some of the region’s other areas of expertise alongside nanotechnology, Sarah Green, regional director of the CBI, said: "We have also developed fantastic companies around gaming, stem cell research, renewable energy and low carbon vehicles."
Newcastle was highlighted, alongside Leeds, London, Liverpool and Brighton, as a city which will be built on emerging technology-based sectors in the future.
The HSBC report gathered insights from 18 industry experts and quantitative data from 500 entrepreneurs and business representatives across 17 UK cities.
The Future Laboratory is a globally-focused consultancy, headquartered in London, which specialises in trend forecasting and future consumer demands.
