Saudi Gazette report

RIYADH — Saudi Arabia ranked 16th out of 67 of the world's most competitive countries, according to this year's Swiss-based Institute for Management Development (IMD) World Competitiveness Yearbook.

This annual report offers benchmarking services for countries and companies, providing insights into what makes companies competitive. It is prepared by the National Competitiveness Center in collaboration with concerned government agencies.

This year's ranking reflects a one-position improvement for the Kingdom, driven by advancements in business legislation and infrastructure, placing Saudi Arabia 4th among G20 countries.

The business efficiency axis specifically saw progress, moving from the 13th to the 12th rank. While infrastructure remains in its 34th position, the Kingdom continues to be strong in both economic performance and government efficiency, staying within the top 20.

Minister of Commerce and Chairman of the National Competitiveness Center Dr. Majid Al-Qasabi attributed the positive results to the economic transformation process championed by the Kingdom's government under the directives of the Crown Prince and Prime Minister Mohammed bin Salman.

The economic reforms have propelled the Kingdom to the top three positions in 24 key indicators. Notably, it secured the global top spot in crucial areas like long-term employment growth, social cohesion, long-term labor market growth, awareness about the need for economic and social reforms, cybersecurity, and internet user penetration per thousand residents.

Saudi Arabia secured second place globally 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.

The Kingdom ranks third globally in several areas, including trade, economic resilience, government adaptability to economic changes, unemployment legislation, and overall early-stage entrepreneurial activity.