Saudi Arabia has achieved the 16th place out of 67 of the world’s most competitive countries in the IMD World Competitiveness Index 2024, reported the Saudi Press Agency (SPA).
In this year’s ranking, the Kingdom has propelled its spot up one place from the previous year. This advancement is the product of improvements in business legislation and infrastructure, which has placed Saudi Arabia in 4th place among G20 countries.
New Accomplishment
The Kingdom has made progress in many aspects. It has advanced to the 12th rank in business efficiency. Moreover, it has maintained its 34th position in infrastructure, and remained among the top 20 in economic performance and government efficiency.
In the light of this, the Saudi Minister of Commerce and Chairman of the National Competitiveness Center, Dr. Majid Al-Qasabi, pointed out that this progress is the outcome of the economic transformation process adopted by the Kingdom’s government under the directives of the Saudi Crown Prince and Prime Minister, Mohammed bin Salman.
Higher Rankings
The economic reforms undertaken by Saudi Arabia have propelled its ranking to the top three in 24 indicators. As a result, the Kingdom achieved the top spot in key areas, including long-term employment growth, social cohesion, long-term labor market growth, understanding the need for economic and social reforms, cybersecurity, and the number of internet user per thousand residents.
Saudi Arabia continues to climb the ranks in the IMD’s #WorldCompetitiveness Yearbook 2024. pic.twitter.com/VW5uZ5IKlU
— المركز الوطني للتنافسية (@KSANCC) June 18, 2024
Meanwhile, Saudi Arabia achieved the second place in indicators such as digital transformation in companies, stock market capitalization, venture capital availability, technological development and application, and access to financing for technical advancements.
Furthermore, the Kingdom secured the third place in several indicators, including trade exchange, economic resilience, government adaptability to economic changes, unemployment legislation, and overall early-stage entrepreneurial activity.
Significant Report
The IMD annual report, issued by the Switzerland-based International Institute for Management Development, is a benchmark report for international organizations and institutions. It compares 67 of the most competitive economies worldwide based on four main pillars and twenty sub-pillars, alongside 335 sub-indicators.
As a result, it is one of the main competitiveness reports that the Saudi National Competitiveness Center monitors and analyzes in coordination with the relevant government agencies.
