This year's World Competitiveness Yearbook, published by the Swiss-based Institute for Management Development (IMD), placed Saudi Arabia 16th out of 67 of the world's most competitive nations. This yearly study provides insights into what makes organisations competitive and provides benchmarking services for both countries and enterprises. The National Competitiveness Centre collaborates with relevant government entities to prepare it.
Saudi Arabia is now ranked fourth out of the G20 countries, one spot higher than last year because of improvements in infrastructure and business laws. In particular, the business efficiency axis improved, rising from the 13th to the 12th position. Even though the Kingdom's infrastructure is still ranked 34th, it continues to do well economically and has efficient governance, remaining in the top 20.
Dr. Majid Al-Qasabi, Minister of Commerce and Chairman of the National Competitiveness Centre, credited the Kingdom's administration, acting on the Crown Prince and Prime Minister Mohammed bin Salman's orders, for promoting the economic reform process that produced the favourable outcomes.
The Kingdom now ranks in the top three across 24 important metrics thanks to the economic reforms. Notably, it achieved the top rank globally in important domains such as long-term labour market growth, social cohesion, long-term employment growth, awareness of the need for social and economic changes, cybersecurity, and internet penetration per thousand population.
On a worldwide scale, Saudi Arabia ranked second in terms of metrics including corporate digital transformation, stock market capitalization, venture capital availability, technology development and application, and funding available for technological breakthroughs.
In a number of categories, the Kingdom is ranked third in the world, including commerce, early-stage entrepreneurial activity overall, government flexibility to economic changes, economic resilience, and unemployment laws.
