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Independence would "provide Scotland with the opportunity to capture and deliver faster sustainable economic growth, with greater opportunities to tackle key challenges in sustainability and inequality over the long-term", according to a report by The Fiscal Commission Working Group.
It described Scotland as a "wealthy country" which is "on a par with many other successful independent countries".
The panel of experts highlighted a number of key strengths in the Scottish economy, including the energy sector, life sciences, food and drink and tourism.
But it said the country faced a number of challenges "not least tackling the long-term growth gap between Scotland and other comparable countries".
The government is making its case against Scottish Independence today.
David Cameron is releasing the first in a series of reports, highlighting how the UK and Scotland benefit from the union.
Speaking in an ITV Daybreak interview Stuart Maxwell from the Scottish National Party said the UK Government's report today showed a "breathtaking arrogance" over their "supposed" recognition of Scotland as an equal partner.
Advice on what will happen to Scotland if it became independent from the UK will be published today.
A summary of the report, issued from Downing Street ahead of the publication, revealed that it was an "unusual step" for the Government to publish full legal opinion from experts.
According to Professors James Crawford and Alan Boyle, who set out their opinions in the paper, Scotland would be treated as a new country, having to renegotiate its relationship with world bodies.
The Scottish Government issued a paper last week, which assuming a Yes vote occurred in autumn 2014, could see negotiations between Scottish ministers and the UK Government, EU and international organisations concluded by March 2016.
Today's publication does not include specific advice from the European Commission on the implications of Scottish independence in the EU.
David Cameron has launched a defence of the United Kingdom as his government prepares to put the "facts" about Scottish independence to the public.
While people in Scotland will make the decision in autumn next year, the implications will have obvious impacts across England, Wales and Northern Ireland, the Conservative leader said.
"Britain is admired around the world as a source of prosperity, power and security," he said.
"Those glorious Olympics last summer reminded us just what we were capable of when we pull together: Scottish, English, Welsh, Northern Irish, all in the same boat - sometimes literally.
"If you told many people watching those Olympics around the world that we were going to erect barriers between our people, they'd probably be baffled. Put simply: Britain works. Britain works well. Why break it?"
Cameron spoke out one day before the government publishes the first in a series of analysis papers about Scotland's role in the union.
The Scottish government has drawn up a detailed plan for transition to independence, according to BBC Scotland.
The plans, based on a "yes" vote in the 2014 referendum, independence day would be some time in Scotland in 2016. Elections to the independent parliament would follow in May.
The paper calls for UK ministers to open talks on transition now, but the prime minister has said he will not pre-negotiate independence.