Saudi Arabia made a new global mark, ranking 16th globally out of 67 countries that are identified as most competitive, according to the latest Global Competitiveness Yearbook report.
The country advanced one rank in the 2024 edition, supported by improved business legislation and infrastructure, which placed it at 4th rank among the G20 countries.
It also improved its ranking in business efficiency to 12 from 13 last year, and maintained its previous rank (34) in the infrastructure pillar.
The Kingdom remained in the top twenty in economic performance and government efficiency globally, according to the report, issued by the Global Competitiveness Center of the International Institute for Management Development (IMD).
Dr. Majid bin Abdullah Al-Qasabi, Saudi Arabia’s Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center, said the positive results achieved by the Kingdom in the International Competitiveness Yearbook (IMD) report, and other respected global reports, are a reflection of the economic transformation process it is adopting.
The economic reforms implemented in the Kingdom contributed to reaching the top three ranks in 24 indicators, including first place globally in indicators such as long-term employment growth, social cohesion, long-term labor market growth and understanding the need for economic and social reforms.
The other segments where the country came in the top ranks included cybersecurity and the number of internet users per thousand population.
The country achieved second place globally in indicators including digital transformation in companies, market capitalization of the stock market, availability of venture capital, development and application of technology, and availability of financing for technical development.
Saudi Arabia’s progress this year is the third in a row in the Global Competitiveness Yearbook report.
Last year it ranked 17th globally, and in 2022 it achieved 24th place globally.
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