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Saudi Arabia ranks seventh most competitive economy among G20 countries in IMD report

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Saudi Arabia was ranked as the seventh most competitive economy among G20 countries in the World Competitiveness Yearbook 2022, surpassing many major countries such as Japan, India, and France.

Published by Switzerland-based International Institute for Management Development (IMD), the World Competitiveness Yearbook assesses and ranks 63 economies based on economic wellbeing and survey responses from executives.

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The Kingdom ranked as the 24th most competitive economy overall, moving up eight positions from last year, surpassing South Korea, France, Japan, Italy, Argentina, India, Turkey, Brazil, Mexico and Indonesia.

Saudi Arabia made progress in its economic performance in 31st place (up from 48th last year), government efficiency in 19th place (up from 24th), business efficiency in 16th place (up from 26th), and infrastructure in 34th place (up from 36th).

“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,” the official Saudi Press Agency reported Saudi’s Minister of Commerce Dr. Majid al-Kassabi as saying.

“The resiliency of the Saudi economy and its speed of recovery from the pandemic have contributed to making the Kingdom one of the fastest-growing countries in the world.”

The Kingdom also ranked among the top 10 countries in the world in many sub-indicators. Some of these indicators included: adaptability of government policy, digital transformation in companies, public finances, energy infrastructure, cybersecurity, total public expenditure on education, digital skills, and national culture, among several others.

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