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HomeBusinessSaudi Arabia Climbs Global Competitiveness Ranks

Saudi Arabia Climbs Global Competitiveness Ranks

Kingdom Secures 16th Position in Global Business Competitiveness

June 18, 2024
in Business
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The Kingdom of Saudi Arabia has achieved a notable position in the arena of global competitiveness, ascending to 16th place among 67 countries, as per the latest findings from the Swiss-based Institute for Management Development (IMD) World Competitiveness Yearbook. This marks an improvement from its previous standing, signaling the Kingdom’s ongoing commitment to enhancing its competitive edge.

The IMD’s annual publication is a valuable resource for benchmarking national and corporate competitiveness. It is compiled with the collaboration of the National Competitiveness Center and various government entities within the Kingdom. The report is a testament to effective business practices and provides insights into the factors contributing to corporate success.

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This year’s progress can be attributed to the Kingdom’s strides in business legislation and infrastructure, earning Saudi Arabia the 4th place among G20 nations. Noteworthy gains were made in the business efficiency dimension, where the Kingdom advanced to the 12th rank. Despite infrastructure maintaining its 34th position, the country continues to display robustness in economic performance and government efficiency, maintaining a place in the top 20.

Dr. Majid Al-Qasabi, Minister of Commerce and Chairman of the National Competitiveness Center, credits the Kingdom’s enhanced ranking to the comprehensive economic transformation underway, guided by the vision of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud. The Kingdom’s economic reforms have led to top-three rankings in 24 essential indicators, reflecting the nation’s determination to excel.

Remarkably, Saudi Arabia has achieved the highest global ranking in critical sectors like long-term employment growth, societal unity, and sustained labor market expansion. The nation also boasts exceptional awareness regarding the necessity for social and economic reform, cybersecurity, and internet user penetration.

In terms of digital transformation, stock market size, venture capital accessibility, technological progress, and financing for tech innovation, Saudi Arabia proudly stands in second place on the global stage. Additionally, the Kingdom has earned a third-place ranking in multiple categories, including trade, economic resilience, governmental responsiveness to economic flux, employment legislation, and overall nascent entrepreneurial activities.

Tags: Business Efficiencyeconomic reformsGlobal CompetitivenessIMD Rankingsaudi arabia
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