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KSA Shines in World Competitiveness Yearbook 2022

Saudi Arabia has strived to push beyond its limits and position itself higher when it comes to global competitiveness, and the recently released report by the Swiss-based International Institute for Management Development (IMD) is an attestation to the results of the Kingdom’s strategic efforts. According to the World Competitiveness Yearbook 2022, the Kingdom is ranked 24th of 63 recorded nations, putting it eight positions above its previous ranking last year. Amongst G20 nations, it currently ranks the 7th.

According to the report, Saudi Arabia currently ranks 31st in economic performance, 19th in government efficiency, 16th in business efficiency, and 34th in infrastructure. In fact, all rankings have increased compared to the 2021 report, going up from 48th, 24th, 26th, and 36th respectively.

"Our positive performance in the World Competitiveness Yearbook 2022 and other similar reputable global benchmarks reflect our robust economic performance. [...] 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," Dr. Majid Al-Qasabi, the Minister of Commerce, had commented on the rankings.

In addition, Saudi Arabia is ranked in the top 10 in other sub-indicators, which including the following: adaptability of government policy, digital transformation in companies, public finances, energy infrastructure, electricity costs for industrial clients, total public expenditure on education, digital skills, national culture, cybersecurity, and more.

In fact, the yearbook report ranks Saudi Arabia 2nd in cybersecurity. This is seen as a step in the right direction as the Kingdom looks to develop its digital market as part of Vision 2030. According to the National Cybersecurity Authority, the cybersecurity systems in place should help the Kingdom's public sector be more competitive, with the founding of the National Cybersecurity Academy providing training in cybersecurity at national level.
IMD World Competitiveness Yearbook debuted in 1989 with the goal to measure competitiveness in participating nations. As mentioned earlier, it takes into account various fields touching on economic activities, infrastructure, governance, and so on. A total of 333 competitiveness criteria are taken into consideration for the rankings, but not necessarily considering GDP as a defining factor on a nation's overall performance.

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