Saudi Arabia bags 16th rank in World Competitiveness 2024

By Shilpa Annie Joseph, Official Reporter
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Saudi ranked in World Competitiveness 2024
Rep. Image | Courtesy: Konevi @ Pexels

Saudi Arabia has been ranked 16th out of 67 of the world’s most competitive countries, according to this year’s Swiss-based Institute for Management Development (IMD) World Competitiveness Yearbook.

This yearly report provides benchmarking services to countries and companies, offering insights into the factors contributing to their competitiveness. It is developed by the National Competitiveness Center in partnership with relevant government agencies.

This year’s ranking shows Saudi Arabia’s advancement by one position, attributed to improvements in business legislation and infrastructure. As a result, Saudi Arabia now holds the 4th position among G20 countries.

The business efficiency category notably improved, moving from the 13th to the 12th rank. While infrastructure remains in its 34th position, the Kingdom maintains strong standings in economic performance and government efficiency, consistently within the top 20 positions.

Saudi Minister of Commerce and Chairman of the National Competitiveness Center Dr. Majid Al-Qasabi attributed the positive results to the economic transformation process championed by the Kingdom’s government under the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

The economic reforms carried out have propelled the Kingdom to the top three positions in 24 key indicators. Notably, it secured the global top spot in crucial areas like long-term employment growth, social cohesion, long-term labor market growth, awareness about the need for economic and social reforms, cybersecurity, and internet user penetration per thousand residents.

Saudi Arabia secured second place globally in indicators such as digital transformation in companies, stock market capitalization, venture capital availability, technological development and application, and access to financing for technical advancements.

The Kingdom holds the third position globally in several areas, such as trade, economic resilience, government responsiveness to economic changes, unemployment legislation, and overall early-stage entrepreneurial activity.

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