Saudi Arabia rises eight spots in World Competitiveness Yearbook 2022
Saudi Arabia has climbed eight places in a ranking of
economic competitiveness produced by Switzerland-based International Institute
for Management Development. The Kingdom has been placed 24th in the World
Competitiveness Yearbook 2022 as efforts to diversify its economy in line with
the Vision 2030 project continue. The Saudi Arabia is ranked seventh among its
G20 peers in terms of economic competitiveness.
Saudi Arabia also ranked in the top 10 in several indexes,
such as the adaptability of governmental
policy, digital transformation in companies, public finances, total general government debt and social
cohesion Further, the Kingdom placed in the top 10 lists in stock market
capitalization, gross fixed capital formation, energy infrastructure,
electricity costs for industrial clients, cybersecurity, total public
expenditure on education, digital/technological skills, total early-stage
entrepreneurial activity, and national culture.
“Our positive performance in the World Competitiveness Yearbook
2022 and other similar reputable global benchmarks reflects our robust economic
performance. Our standing is the result of Vision 2030’s efficient and
effective whole-of-government approach to reform that has enhanced the
Kingdom’s global competitiveness,” said Majid Al Kassabi, Saudi Arabia’s
minister of commerce and chairman of the National Competitiveness Center. “The
resiliency of the Saudi economy and its speed of recovery from the pandemic has
contributed to making the Kingdom one of the fastest-growing countries in the
world.” he added.
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