Saudi Arabia has upgraded its competitiveness ranking to 16th place out of 67 countries in the IMD World Competitiveness Yearbook. This is according to the Swiss-based Institute for Management Development annual report on business legislation and infrastructure, the Kingdom boasting of a 4th position among G20 countries.
The National Competitiveness Center, in cooperation with other government institutions, is responsible for preparing the report, paying special attention to standards for doing business for countries and companies. Some improvements include business efficiency where the Kingdom has ranked 12th while in the infrastructure it is ranked 34th. Saudi Arabia remains in the top twenty positions in both economic performance and government efficiency indexes.
Minister of Commerce Dr. Majid Al-Qasabi has credited these achievements to economic reformation championed by Crown Prince Mohammed bin Salman. These reforms have placed Saudi Arabia among the leaders in 24 indicators, including the growth of long-term employment, cybersecurity, the availability of internet, etc.
The Kingdom is ahead of all countries in most fronts, including digital transformation, stock market capitalization, and venture capital availability. It ranks second in drivers like technological advancement and funding for technical innovations. Also, Saudi Arabia stands third in trade, economic stability, and government flexibility towards economic shifts.
In general, the increase in Saudi Arabia’s competitiveness highlights its determination to develop and reform the economy with the support of various measures under the leadership of the government. Such endeavours not only improve the business climate, but also help to cement the Kingdom’s place in the global economy.
