Riyadh- Mubasher: Saudi Arabia continued its upward ascent in global competitiveness rankings as it held the 24th rank among the most competitive economies in 63 countries, as per the World Competitiveness Yearbook 2020, the newly-published report by the International Institute for Management Development (IMD), rising two positions from last year.
Across the GCC and the Middle East region, the Kingdom is the only improving country, state-run Saudi Press Agency (SPA) recently reported.
Moreover, the kingdom was ranked the 8th most competitive G20 economy, heading peers, such as Russia, France, Japan, Italy, India, Argentina, Indonesia, Mexico, Brazil, and Turkey.
The Kingdom has moved up the ranking on three out four 4 factors covered by the report, from 30th to 20th position in economic performance, from 25th to 19th in business efficiency, and from 38th to 36th in infrastructure.
Commenting on the results, Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center, Majid Al Qasabi, said: “Our positive performance in the World Competitiveness Yearbook 2020 is yet another step forward adding to the leap that we realised 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 and improving the competitiveness assets of the Kingdom,” he added.
The World Competitiveness Yearbook is a yearly report published by the Switzerland-based IMD. It measures and tracks competitiveness in 63 most competitive economies in the world, using various indicators capturing the different dimensions of the economy.
