Riyadh: Saudi Arabia ranked in the World Competitiveness Yearbook published by the Switzerland-based International Institute for Management Development (IMD).

Saudi Arabia is ranked as the 24 most competitive economy among the 63 countries covered by the benchmark, up to eight positions from a year earlier.

Saudi Arabia made progress in all the four main Competitiveness Factors assessed by the report: from 48 to 31 position in economic performance, 24 to 19 in government efficiency, 26 to 16 in business efficiency, and 36 to 34 in infrastructure, SPA reported.

The country ranked among the top 10 countries in the world on many sub-indicators: adaptability of government policy, digital transformation in companies, employment-long-term growth, public finances, total general government debt, social cohesion, stock market capitalization; gross fixed capital formation, energy infrastructure; electricity costs for industrial clients, cyber security, total public expenditure on education, digital/technological skills, total early-stage entrepreneurial activity, and national culture.

Reacting to Saudi Arabia's positive performance, of the, said: “Our positive performance in the World Competitiveness Yearbook 2022 and other similar reputable global benchmarks reflects our robust economic performance. Our standing is the result of Vision 2030’s efficient and effective whole-of-government approach to reform that has enhanced the Kingdom’s global competitiveness,” Commerce Minister and National Competitiveness Center Board of Directors Chairman Dr. Majid Al Kassabi said.

“The resiliency of the Saudi economy and its speed of recovery from the pandemic has contributed to making the Kingdom one of the fastest-growing countries in the world.”

Source: Bahrain News Agency

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