Saudi Arabia continues its upward rise in the ranking of global competitiveness. In the recently published World Competitiveness Yearbook 2020 by the International Institute for Management Development (IMD), the Kingdom ranked as the 24th most competitive economy among 63 countries. Last year Saudi Arabia was in 26th position and 39th in 2018.
This year, Saudi Arabia is the only country that is improving its ranking in the GCC and the Middle East. The kingdom also ranks 8th most competitive in the G20 economy.
Kingdom moved up the ranking of 3 out of 4 factors covered by the benchmark; from 30th to 20th position in economic performance; from 25th to 19th in business efficiency; and from 38th to 36th in infrastructure.
Dr. Majid Al-Qasabi, Minister of Commerce and the Board of Directors of the National Competitiveness Center comments on the results: “Our positive performance in the World Competitiveness Yearbook 2020 is yet another step forward adding to the leap that we realized last year on our way to transforming Saudi Arabia into a top 10 competitive economy in the world as envisioned by the Kingdom’s Vision 2030.”
“Our progress is the fruit of a unique model of cross-sectoral collaboration among more than 50 government entities; collectively dedicated to carrying out ambitious policy and regulatory reforms. Besides, improving the competitiveness assets of the Kingdom,” he added.
The World Competitiveness Yearbook is a yearly report published by the International Institute for Management Development (IMD) based in Switzerland. It measures and tracks competitiveness in 63 most competitive economies in the world, using various indicators capturing the different dimensions of the economy.