Saudi Arabia Advances To 16th In Global Competitiveness Rankings

The Kingdom of Saudi Arabia has achieved a notable position in the global competitiveness rankings, securing the 16th spot out of 67 countries in the latest World Competitiveness Yearbook by the Swiss-based Institute for Management Development (IMD). This annual report, prepared by the National Competitiveness Center in collaboration with various government agencies, benchmarks countries and companies to provide insights into competitive factors.

This year's ranking reflects a one-position improvement for Saudi Arabia, driven by advancements in business legislation and infrastructure. Among G20 countries, Saudi Arabia now holds the 4th position. The business efficiency axis saw progress, moving from the 13th to the 12th rank. While infrastructure remains at its 34th position, the Kingdom continues to excel in economic performance and government efficiency, maintaining a top 20 position.

Minister of Commerce and Chairman of the National Competitiveness Center Dr. Majid Al-Qasabi 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. Additionally, the Kingdom 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.

Strong Performance in Various Indicators

The Kingdom ranks third globally in several 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 through strategic reforms and initiatives.

The IMD World Competitiveness Yearbook serves as a valuable tool for benchmarking national competitiveness and identifying areas for improvement. Saudi Arabia's continued progress in this ranking highlights its dedication to enhancing its global standing through targeted economic policies and reforms.

With inputs from SPA