Saudi Arabia Achieves 16th Place in Global Competitiveness Rankings
The Global Competitiveness Index, published annually by the Global Competitiveness Center of the International Institute for Management Development, places Saudi Arabia 16th out of 67 nations in the world in terms of competitiveness. This is a rise from the 36th most competitive nation in 2019.
According to the Global Competitiveness Index data, this year’s edition saw Saudi Arabia rise one spot to fourth among the G20 countries, supported by improved infrastructure and business laws. In numerous sub-indicators of the survey, including population growth, labor market expansion, employment growth and social cohesion, and cybersecurity, it held the top spot globally. It came in second for indications like market capitalization of the stock market and digital transformation of businesses. It came in third for measures like commerce and the economy’s stability.
The Kingdom of Saudi Arabia was commended in the Global Competitiveness Report for its continuous efforts to fulfill the goals of the Saudi 2030 vision in all spheres of the economy, society, and environment. Among these are Increased efforts to lower carbon emissions and promote renewable energy. Sustained efforts to boost resilience to economic shocks, inclusion, sustainability, and productivity. Extended efforts to improve the business climate to raise the economic involvement of the private sector. The continued investment across economic sectors in human capital development.
The macroeconomic and microeconomic underpinnings of a country’s competitiveness are captured by the extremely comprehensive Global Competitiveness Index (GCI). Competitiveness is the system of laws, regulations, and other elements establishing a nation’s productivity level. There are twelve main pillars in the global competitiveness index, which are as follows:
- Public Institutions
- Social Cohesion and Security
- Environment
- Infrastructure
- Public Health
- Social Protection
- Education and Skills
- Labor dynamics and opportunities
- Financial conditions
- Competition
- Innovative Capabilities
- Future Orientation of Business.
According to the National Competitiveness Center, the KSA aims to become one of the top 10 countries in competitive atmosphere by 2030 through focusing on investment, entrepreneurship, innovation, and productivity. The center contributes towards the achievement of this goal by involving the private and public sectors in giving feedback on government performance through two electronic platforms.
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