Saudi Arabia Ranks 16th in World Competitiveness Index 2024
In a remarkable achievement, Saudi Arabia has climbed to the 16th spot in the World Competitiveness Index 2024, showcasing the country’s relentless economic diversification efforts. This advancement marks a significant improvement from its 17th place ranking the previous year.
According to a recent report from the Switzerland-based International Institute for Management Development, the Kingdom has shown remarkable progress in the global competitiveness landscape. Saudi Arabia’s journey saw it ranked 24th in 2022 and 32nd in 2021, underscoring its steady rise in the rankings.
This commendable rise is a testament to the success of Saudi Arabia’s Vision 2030 program, which has played a pivotal role in boosting economic performance, enhancing government efficiency, and creating a conducive business environment in the country.
Furthermore, the report highlighted that Saudi Arabia surpassed several of its G20 counterparts, including India, the UK, and Japan. Additionally, it outperformed countries like Italy, Argentina, Indonesia, Brazil, and Turkiye, solidifying its position as a global economic powerhouse.