Saudi Arabia has made a significant leap, ranking 16th out of 67 countries in the latest Global Competitiveness Yearbook report. This marks the third consecutive year of improvement, with the country advancing one rank from last year’s 17th position.
Improved Business Legislation and Infrastructure
The country’s progress can be attributed to enhanced business legislation and infrastructure. This has placed Saudi Arabia 4th among G20 countries, showcasing its commitment to creating a business-friendly environment.
Business Efficiency and Infrastructure
Saudi Arabia also improved its ranking in business efficiency, moving up to 12th from 13th last year. Its infrastructure pillar maintained its previous rank of 34.
Economic Performance and Government Efficiency
The Kingdom remains in the top twenty globally for economic performance and government efficiency, according to the report issued by the Global Competitiveness Center of the International Institute for Management Development (IMD).
Minister’s Response
Dr. Majid bin Abdullah Al-Qasabi, Saudi Arabia’s Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center, attributed the positive results to the country’s economic transformation process.
Key Achievements
The economic reforms implemented in the Kingdom contributed to top-three ranks in 24 indicators, including:
- Long-term employment growth
- Social cohesion
- Long-term labor market growth
- Understanding the need for economic and social reforms
Additionally, the country achieved second place globally in indicators such as:
- Digital transformation in companies
- Market capitalization of the stock market
- Availability of venture capital
- Development and application of technology
- Availability of financing for technical development
This marks a significant milestone for Saudi Arabia, demonstrating its commitment to economic growth and competitiveness.
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