Saudi Arabia Ranks 24 in IMD World Competitiveness Yearbook 2020

Saudi Arabia Ranks 24 in IMD World Competitiveness Yearbook 2020

Saudi Arabia is continuing its upward ascent in global competitiveness rankings. In the just-released World Competitiveness Yearbook 2020 published by the International Institute for Management Development (IMD), the Kingdom ranked as the 24th most competitive economy among the 63 countries covered by the report, up two positions from a year earlier.

This year, the Kingdom is the only improving country in the Gulf Cooperation Council and Middle East region. It is also the 8th most competitive G20 economy, ahead of peers; such as Russia, France, Japan, Italy, India, Argentina, Indonesia, Mexico, Brazil and Turkey.

The Kingdom moved up the ranking on 3 out of 4 factors covered by the benchmark; 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, Dr. Majid Al-Qasabi, Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center said: “Our positive performance in the World Competitiveness Yearbook 2020 is yet another step forward adding to the leap that we realized 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. Besides, improving the competitiveness assets of the Kingdom,” he added according to the Saudi Press Agency.

The World Competitiveness Yearbook is a yearly report, the International Institute for Management Development (IMD) based in Switzerland publishes. It measures and tracks competitiveness in 63 most competitive economies in the world. This is using various indicators capturing the different aspects of the economy.