Switzerland-based International Institute for Management Development (IMD) has ranked the kingdom of Saudi Arabia as the seventh most competitive economy among G20 countries in the World Competitiveness Yearbook 2022.
Denmark was ranked top, followed by Switzerland, Singapore, and Sweden in the yearbook, which considers a host of factors, including government efficiency, business efficiency, economic performance, and infrastructure.
The World Competitiveness Yearbook assesses and ranks 63 economies based on economic well-being and survey responses from executives and Saudi Arabia have surpassed many major countries such as Japan, India, and France.
Surpassing South Korea, France, Japan, Italy, Argentina, India, Turkey, Brazil, Mexico, and Indonesia, the overall most competitive economy ranking placed the Kingdom in the 24th place, moving it up eight positions compared to 2021.
Saudi Arabia also ranked among the top 10 countries in the world in many sub-indicators such as the adaptability of government policy, the total public expenditure on education, the digital skills and digital transformation in companies, public finances, energy infrastructure, cybersecurity, and national culture, among others.
Commenting on the IMD report and the Kingdom’s ranking, Saudi’s Minister of Commerce Dr. Majid al-Kassabi stressed that Saudi positive performance in the World Competitiveness Yearbook 2022 and other similar reputable global benchmarks reflects its robust economic performance.
Al-Kassabi noted that the ranking success is the result of Vision 2030’s efficient and effective whole-of-government approach that has enhanced Saudi Arabia’s global competitiveness.
The analysis shows that the Kingdom made progress in its economic performance in 31st place (up from 48th last year), business efficiency in 16th place (up from 26th), government efficiency in 19th place (up from 24th), and infrastructure in 34th place (up from 36th).
Al-Kassabi also pointed out that the Kingdom has become one of the fastest-growing countries in the world thanks to the resiliency of the Saudi economy and its speed of recovery from the pandemic.
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