19 Jun 2024
RIYADH: Saudi Arabia’s ongoing economic diversification efforts have propelled the country to the 16th spot in the World Competitiveness Index 2024, up one place from the previous year.
According to a report from the Switzerland-based International Institute for Management Development, the Kingdom was ranked 24th in 2022 and 32nd in 2021.
The ascent, supported by Saudi Arabia’s Vision 2030 program, is attributed to significant progress in economic performance, government efficiency, and a business-friendly environment.
The report also highlighted that Saudi Arabia ranked higher than several of its G20 peers, including India, the UK, and Japan, as well as other countries like Italy, Argentina, Indonesia, and Brazil and Turkiye.
Majid bin Abdullah Al-Qasabi, Saudi Arabia’s minister of commerce, said that the nation’s growth in the ranking is a testament to the Kingdom’s ongoing economic transformation process, which is being implemented in accordance with the directives of Crown Prince Mohammed bin Salman, according to a press statement.