Saudi Arabia Advances To 16th Place In Global Competitiveness

The Kingdom of Saudi Arabia has achieved a significant milestone, ranking 16th out of 67 countries in the IMD World Competitiveness Yearbook. This annual report, prepared by the National Competitiveness Center in collaboration with government agencies, benchmarks countries and companies to provide insights into competitiveness. The latest ranking reflects a one-position improvement for Saudi Arabia, driven by advancements in business legislation and infrastructure.

Saudi Arabia's business efficiency axis saw notable progress, moving from the 13th to the 12th rank. This improvement places the Kingdom in 4th place among G20 countries. While infrastructure remains at the 34th position, Saudi Arabia continues to excel in economic performance and government efficiency, maintaining a spot within the top 20 globally.

Dr. Majid Al-Qasabi, Minister of Commerce and Chairman of the National Competitiveness Center, attributed these positive results to the economic transformation process led by the Kingdom's government under the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. The economic reforms have propelled Saudi Arabia to top three positions in 24 key indicators.

Top Global Rankings

Saudi Arabia secured the global top spot in several crucial areas, including long-term employment growth, social cohesion, long-term labor market growth, awareness about economic and social reforms, cybersecurity, and internet user penetration per thousand residents. The Kingdom also achieved second place globally in indicators such as digital transformation in companies, stock market capitalization, venture capital availability, technological development and application, and access to financing for technical advancements.

Additional Achievements

The Kingdom ranks third globally in various areas including trade, economic resilience, government adaptability to economic changes, unemployment legislation, and overall early-stage entrepreneurial activity. These achievements underscore Saudi Arabia's commitment to fostering a competitive business environment and driving economic growth.

The IMD World Competitiveness Yearbook serves as a valuable tool for benchmarking and understanding what makes countries competitive. Saudi Arabia's improved ranking highlights its ongoing efforts to enhance business efficiency and infrastructure while maintaining strong economic performance and government efficiency.

With inputs from SPA