Saudi Arabia advanced to 16th place in the World Competitiveness Ranking 2024, issued by the World Competitiveness Center of the International Institute for Management Development. Saudi Arabia ranked fourth among the G20 countries, supported by improved business legislation and infrastructure.
The annual World Competitiveness Ranking, published by the International Institute for Management Development (IMD) is one of the most important references for international organizations, as it compares the most competitive 67 countries globally in terms of four main indicators – economic performance, government efficiency, business efficiency and infrastructure – as well as 335 sub-indicators.
According to Felix Richter writing for Statista, “The indicators are a mix of hard statistical data, which accounts for two thirds of the final ranking, and the perceptions of more than 6,000 executives, which account for the remaining third of the results.”
Saudi Arabia advance for the third straight year moving from 24th in 2022 to 17th in 2023 and 16th in 2024.
Majid Al-Kassabi, Minister of Commerce and Chairman of the National Competitiveness Center, said the positive results achieved by the Kingdom in the IMD and other global reports reflect the economic transformation adopted by the government in accordance with the directives of Crown Prince Mohammed bin Salman.
According to an article in Argaam,
“In business efficiency, Saudi Arabia advanced from the 13th rank to the 12th, while it maintained its previous 34th place in infrastructure. In addition, the Kingdom remained among the top 20 countries in economic performance and government efficiency.”
“The economic reforms helped the Kingdom secure the top three ranks in 24 indicators. It came first in the long-term employment growth, social cohesion, long-term labor market growth, understanding the need for economic and social reforms, cybersecurity, and the number of Internet users per thousand population. Meanwhile, it ranked second in digital transformation in companies, market capitalization of stock market, availability of venture capital, development and application of technology, and availability of financing for technical development. Additionally, the country came third in trade exchange, economy’s ability to withstand, government’s ability to adapt to economic changes, unemployment legislation, and total entrepreneurial activity in initial stages.”
“The best-performing economies balance productivity and prosperity, meaning they can generate elevated levels of income and quality of life for their citizens while preserving the environment and social cohesion,” Arturo Bris, Director of the WCC said with respect to this year’s ranking.
With six economies in the top 10, Europe once again excelled in the 2024 ranking, even though the region’s economic powerhouses Germany, France and the UK are nowhere to be found in the top 20 of this year’s ranking.
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