Interesting article from the Institute of Welsh Affairs. I don’t believe Wales is any less capable of standing on its own two feet as any other small nation.
However, whilst we are still part of the UK; whilst we are still beholden to a London-centric Government and the Barnett formula, we will never be allowed to flourish to the detriment of England.
In conclusion, a word of caution. Without accurate data any analysis of the Welsh economy must be treated with a degree of uncertainty, although the picture painted by the Cardiff University report of a country in penury is quite clearly overstated.
Nevertheless, in all honesty and when compared to other countries, especially the small nations of Europe, Wales is relatively poor and this needs to be addressed. Wales being a relatively poor country now in such a wealthy part of the world is one of the core arguments for independence.