Saudi Arabia was ranked 26th among 63 countries in IMD World Competitiveness Yearbook 2019, jumping 13 positions from last year.
The yearbook was issued Tuesday by the International Institute for Management Development (IMD) in Lausanne, Switzerland.
The Kingdom’s newest ranking marks the highest improvement in the Yearbook.
Saudi Arabia is now the 7th most competitive country among its G20 peers, ahead of advanced economies such as Republic of Korea, Japan, France, Indonesia, India, Russia, Mexico, Turkey, Republic of South Africa, Brazil and Argentina.
The report measures national competitiveness based on four main factors: economic performance, government efficiency, business efficiency, and infrastructure.
The Kingdom made significant progress on the government efficiency factor (from the 30th globally in 2018 to 18th in 2019); on the business efficiency factor (from 45th up to 25th for the same period); and on the infrastructure factor (from 44th up to 38th).
Minister of Commerce and Investment and Chairman of the National Competitiveness Centre (Tayseer) Dr. Majid bin Abdullah Al Qassabi pointed out that Saudi Arabia’s exceptional performance is the result of a “collaborative work, involving more than 40 government agencies, all aligned with the aspirations of Vision 2030” to improve the competitiveness of the country’s economy.
Qassabi, added that the Center, established by a cabinet decision earlier this year, plays a critical role in raising the Kingdom’s competitiveness, and making it a favorable destination for domestic and foreign investors.
Saudi Arabia was first ranked in the World Competitiveness Yearbook 2019 two years ago.
The report has been released every year since 1989.
