Saudi Arabia maintained its upward trend in the global competitiveness rankings, moving up two notches to the 24th position as the most competitive economy, compared to 26th in 2019 and 39th in 2018, according to the World Competitiveness Yearbook 2020, published by the International Institute for Management Development (IMD).
The Kingdom was also ranked the 8th most competitive G20 economy, ahead of its peers, such as Russia, France, Japan, Italy, India, Argentina, Indonesia, Mexico, Brazil, and Turkey.
The Kingdom has moved up the ranking on 3 out of 4 factors, as follows:
|
Kingdom’s Ranking in Key Factors |
|||
|
Category |
2019 |
2020 |
Change (Ranking) |
|
Business efficiency |
25 |
19 |
+6 |
|
Economic Performance |
30 |
20 |
+10 |
|
Infrastructure |
38 |
36 |
+2 |
Globally, Saudi Arabia ranked 1st in terms of labor force growth, 2nd in consumer price index and cyber security, 3rd in growth of exports of commercial services, and 10th in the resilience of economy, investment incentives and bank services support.
|
Kingdom’s Ranking in Sub-factors |
|
|
Index |
Ranking |
|
-Labor force long-term growth |
1 |
|
-Consumer prices Inflation - Cyber Security |
2 |
|
- Exports of commercial services |
3 |
|
- Pension Funding - Central Bank Policy -Adaptability of government policy -Gov. expenditure on education |
4 |
|
-Gasoline Prices -Foreign currencies reserves per capita -unemployment legislation -Overall productivity |
6 |
|
-Total indigenous energy production - Investment in Telecommunications |
7 |
|
-Government subsidies -Social cohesion |
8 |
|
- Development and application of technology |
9 |
|
-Resilience of economy - Investment incentives -Bank services support |
10 |
|
-Regulatory compliance (Banking laws) |
12 |
|
- Digital transformation in companies -Energy Infrastructure |
14 |
|
-Start-up procedures |
15 |
The World Competitiveness Yearbook is an annual report that measures and tracks competitiveness in 63 most competitive economies worldwide, using four key indicators, namely economic performance, government efficiency, business efficiency and infrastructure.
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