The Kingdom of Saudi Arabia has achieved significant recognition in the global arena by securing the 16th position among 67 countries in the World Competitiveness Yearbook, a report published by a Swiss-based Institute for Management Development. The annual publication, which provides a comparative analysis of the competitiveness of nations and enterprises, is a collaborative endeavor between the National Competitiveness Center and various government entities, as reported by the Saudi Press Agency.
Marking an improvement from its previous standing, Saudi Arabia’s rise in the rankings is a testament to its progress in enhancing business legislation and infrastructure, earning it the 4th place among G20 nations. Notably, the Kingdom has seen advancement in the business efficiency domain, climbing from 13th to 12th place. Despite infrastructure maintaining its 34th position, the country has demonstrated robust performance in terms of economic prowess and governmental efficiency, consistently ranking within the top 20.
Dr. Majid Al-Qasabi, Minister of Commerce and Chairman of the National Competitiveness Center, credits this advancement to the comprehensive economic transformation driven by the Kingdom’s government, under the guidance of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. The economic reforms have propelled Saudi Arabia to the forefront, achieving top three rankings in 24 essential indicators.
The Kingdom has notably excelled, claiming the top global position in several critical sectors, including long-term employment and labor market growth, societal cohesion, awareness of the need for reforms, cybersecurity, and internet user penetration. Additionally, it has captured second place internationally in areas such as company digitalization, stock market capitalization, availability of venture capital, technological innovation, and access to financing for technological progress.
In a variety of other sectors, such as trade, economic resilience, governmental adaptability, unemployment legislation, and entrepreneurial activity in the early stages, Saudi Arabia proudly stands in third place globally, showcasing its commitment to fostering a competitive and thriving business environment.