An action plan will be drawn up later this year to help promote inclusive growth in Sheffield.
The Sheffield City Partnership board (SCPB), the authors of the annual State of Sheffield report, said they would look to develop a framework for an inclusive and sustainable economy.
The annual review into how the city is performing found that the city needed to show its 'traditional steel' and come together so it can continue to grow.
"It has been another challenging year for the city, and the country, including an unexpected General Election, and ongoing negotiations to leave the European Union. Moreover it is clear that many of our residents are still facing significant difficulties in their own day-to-day lives, as the national trends of rising inequality and deepening poverty persist," the report said.
"At the same time, we know that 2018 will bring the election of the first mayor for South Yorkshire, which will introduce new dimensions to governance and local economic development.
"In the midst of this uncertainty, the 2018 State of Sheffield report offers the city and the Sheffield City Partnership Board (SCPB) a valuable analysis of the complex relationship between our city’s economy, its people and its communities."
The report, co-edited by Prof David Robinson, head of geography at the University of Sheffield, and Andi Walshaw, performance and research manager at Sheffield Council, said Sheffield's gross value added (GVA) - the measure of the value of goods and services produced in an area - grew at about the average rate over the last 10 years, when compared to the rest of Yorkshire.
The framework will be launched in the autumn 'as a first step to taking forward a shared city-wide approach', the report said.
The report said: "Throughout the year, the SCPB has been focusing our efforts on the development of a city-wide ‘Framework for an Inclusive and Sustainable Economy’, to be launched in the autumn, and this follows on from many months of exploring the issue of inclusive growth with local, national and international experts.
"We wanted therefore to produce a State of Sheffield report which aligned with and supported this work, and we commissioned our authors with the task of
helping us to build up our understanding and evidence base around the importance of pursuing inclusive growth in Sheffield.
"We will now be focusing our efforts as a board to ensuring that we understand how we can build an economy which is not only inclusive but also ‘sustainable’, as we know that this will be key to building a future city in which everyone can contribute to and benefit from our local resources."