Saudi Arabia rose 8 ranks from the previous year in the World Competitiveness Yearbook report issued by the Global Competitiveness Center of the Institute for Administrative Development, to reach the 24th rank among the 63 most competitive countries in the world.
Saudi Arabia is working to improve legislation and regulations in all sectors; To be among the best countries in the world and become an attractive area for investments and capital by facilitating procedures and enabling digital transformation to positively return to the national economy.
According to the report, the Kingdom recorded the second best progress among countries, while the indicators of the report showed that Saudi Arabia ranked seventh among the G20 countries, outperforming the world's advanced economies such as South Korea, France, Japan and Italy, as well as emerging market countries Turkey, India, Argentina and Brazil.
The annual Global Competitiveness Report aims to analyze the ability of countries to create, maintain and develop a supportive and stimulating environment for competitiveness. It is considered the most comprehensive in measuring the advantages of the most competitive countries, as it compares 63 countries on the basis of four main axes, along with 20 sub-axes and more than 330 sub-indicators.
The Kingdom’s ranking improved in all four main axes measured by the report, which are “economic performance” and it advanced from 48 to 31, in addition to “government efficiency” from 24 to 19, and the “Business Efficiency” axis, in which it rose from 26 to 16, as well as the “Infrastructure” in which it advanced from 36 to 34.
Saudi Arabia ranked among the top ten countries in the world in a large number of sub-indicators, most notably adapting to government policy, digital transformation in companies, long-term workforce growth, public financial management, government public debt, unemployment policies, and domestic energy production.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
