Saudi Arabia has achieved significant progress in its competitiveness ranking according to the Institute for Management Development (IMD) World Competitiveness Yearbook. The country has moved up to the 16th position out of 67 of the world’s most competitive countries. The ranking was driven by improvements in business legislation and infrastructure, placing Saudi Arabia 4th among G20 countries. The National Competitiveness Center collaborates with concerned government agencies to provide insights into what makes companies competitive.
The Kingdom saw advancements in the business efficiency axis, moving from the 13th to the 12th rank. Although infrastructure remains in the 34th position, Saudi Arabia continues to excel in economic performance and government efficiency, ranking within the top 20 globally. Minister of Commerce and Chairman of the National Competitiveness Center, Dr. Majid Al-Qasabi, credits the positive results to the economic transformation process spearheaded by the Kingdom’s government under the leadership of Crown Prince Mohammed bin Salman.
Saudi Arabia has excelled in 24 key indicators, securing the global top spot in areas such as long-term employment growth, social cohesion, cybersecurity, and internet user penetration. The country also ranks second globally in indicators like digital transformation in companies, stock market capitalization, and access to financing for technical advancements. Additionally, Saudi Arabia ranks third globally in trade, economic resilience, government adaptability to economic changes, and early-stage entrepreneurial activity, showcasing a strong competitive edge.
The economic reforms in Saudi Arabia have propelled the country to the top tier in various crucial areas. The initiatives led by the government have strengthened the Kingdom’s position in global competitiveness rankings. The positive results highlight the success of the economic transformation process and the commitment to driving growth and development in various sectors. With a strategic focus on enhancing business legislation and infrastructure, Saudi Arabia continues to make significant strides towards becoming a leading player in the global economy.
As Saudi Arabia continues to focus on improving competitiveness, partnerships with government agencies and innovative strategies will play a key role in sustaining growth and attracting investments. The Kingdom’s strong performance in key indicators reflects the commitment to driving economic progress and building a resilient business environment. With a proactive approach towards economic reforms and a focus on infrastructure development, Saudi Arabia is well-positioned to further enhance its competitiveness on the global stage. The continuous efforts to drive innovation and attract investments will help propel the Kingdom towards greater economic prosperity and global recognition as a competitive player.
