Saudi Arabia concludes participation in UK defense show    First in Europe: Italy to require all employees to have Covid health pass    Saudi Airlines showcases its aircraft to celebrate National Day    Al-Badi to participate in Endurance World Championship in Italy    UAE makes paradigm shifts in equal pay for both sexes    SFDA seizes more than 52,000 perfume manufacturing materials    Africa faces 470 million COVID-19 vaccine shortfall this year    Venezuela's justice system aiding repression: Human rights probe    King, Crown Prince congratulate Chile president on Independence Day    Construction of the world's largest LEGO brick build of a F1 car begins    Global agreements to enhance auditing profession in Saudi Arabia    Women owning the peace    Crown Prince receives phone call from Spain's PM    Coalition forces intercepts, destroys 4 Houthi armed drones, 1 ballistic missile targeting Jazan    GAMI and its partners meet with international investors in London    Diriyah Contemporary Art Biennale will open to public in Riyadh's JAX district from Dec. 11    New study finds specific white blood cell can help treat cancer    Al-Hilal moves into the quarterfinals of AFC Championships 2021    Event Economy: Formula 1 race!    Britain savors a new sporting star in tennis champion Raducanu    Bollywood actor Sidharth Shukla dies at 40    Custodian of the Two Holy Mosques Directs KSrelief to Urgently Provide Malaysia with Medical, Preventive Equipment and Supplies to Address COVID-19 Pandemic    Weather Forecast for Sunday    Custodian of the Two Holy Mosques Congratulates President of Maldives on Independence Day    RSNF Commander Patronizes Ceremonial Launching of His Majesty's Ship "Jazan"    OIC Condemns Houthi Attempts to Target Civilians in Saudi Arabia    Philippines evacuates thousands as monsoon rains flood cities, provinces    Heavy rain in India triggers floods, landslides; at least 125 dead    U.S. Records 64,321 New Infections of Coronavirus    Without Fans, Tokyo Olympics Kicked Off    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Dr. Mohammed Sulaiman Al-Jasser, Saudi Arabia's Pick to Chair IsDB Group for the next five years, unanimously approved by BoG Committee of Procedures    Saudi Press: Fitch affirms Saudi Credit Rating at "A" with a revised outlook to stable from negative    Handled Cargo at Saudi Ports Increases during June 2021    SDAIA, DARP & STC Launch Pilgrim's Smart Bracelet (NUSK)    Tabuk sculptor spends 8 years in carving entire Holy Qur'an on 30 marble slabs    2 Goals by Diaz Gives Colombia 3rd Place at Copa America    Yusuf Khan is dead, long live Dilip Kumar    Legendary actor Dilip Kumar, 98, passes away, and with him an era    Saudi Cinema Night at Arab World Institute in Paris Kicks Off    KSU Leads Joint International Scientific Project for Early Detection of Breast Cancer    Saudi Arabia to Participate in Cannes Film Festival 2021    Arab Cup U-17 Championship Draw Saudi Arabia, Morocco, Palestine, Kuwait, in the 1st Group    AWI Hosts Saudi Cinema Nights in Paris    Brazil Beats Chile at Copa America Despite 2nd-Half Red Card    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi ranking climbs 13 places among world's most competitive economies
Published in The Saudi Gazette on 28 - 05 - 2019

RIYADH — Saudi Arabia's ranking among the world's most competitive economies has climbed 13 places from 39 in 2018 to 26 in 2019, according to the IMD World Competitiveness Rankings.
The Kingdom, this year's biggest climber ranked 7th among the G20 nations, while emerging above many advanced economies of the world such as South Korea, Japan, France, Indonesia, India, Russia, Mexico, Turkey, South Africa, Brazil and Argentina.
The Lausanne-based International Institute for Management Development (IMD)'s World Competitiveness Rankings incorporate 235 indicators from each of the 63 ranked economies.
The ranking takes into account a wide range of hard statistics such as unemployment, GDP and government spending on health and education, as well as soft data from an Executive Opinion Survey covering topics such as social cohesion, globalization and corruption.
This information feeds into four categories — economic performance, infrastructure, government efficiency and business efficiency — to give a final score for each country. There is no one-size-fits-all solution for competitiveness, but the best performing countries tend to score well across all four categories.
Saudi Arabia's ranking has witnessed a jump in three categories — government efficiency from 30 to 18; business efficiency from 45 to 25; and infrastructure from 44 to 38.
Majed Al-Qasabi, minister of commerce and investment and chairman of the National Competitiveness Center, attributed the remarkable improvement in the Kingdom's ranking to the outcome of the integration of the efforts of over 40 government entities that took part in implementing several reforms to boost the Kingdom's business environment and raise its competitiveness among the countries in line with the objectives of the Vision 2030.
Al-Qasabi said the National Competitiveness Center, which was recently re-organized by the Council of Ministers, aims to institutionalize the work of the Executive Committee for Improving the Performance of the Private Sector (Tayseer) and encourage it to participate in the economic development.
This is through improving and developing the competitive environment as well as carrying out studies about the challenges facing the private sector, analyzing them and suggesting solutions and initiatives to address them.
The Kingdom has been officially listed for the first time in the IMD World Competitiveness Rankings report in 2017. The report measures the performance of the most competitive economies in the world since 1989.
Singapore has been ranked the world's competitive economy for the first time since 2010, as the United States slipped from the top spot, while economic uncertainty took its toll on conditions in Europe.
Singapore's rise to the top was driven by its advanced technological infrastructure, the availability of skilled labor, favorable immigration laws, and efficient ways to set up new businesses. Hong Kong held on to second place, helped by a benign tax and business policy environment and access to business finance.
The initial boost to confidence from President Donald Trump's first wave of tax policies appears to have faded in the United States, according to the ranking. While still setting the pace globally for levels of infrastructure and economic performance, the competitiveness of the world's biggest economy was hit by higher fuel prices, weaker hi-tech exports and fluctuations in the value of the dollar.
"In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seem to be the unifying element for increasing prosperity. A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens," said Arturo Bris, IMD Professor and Director of IMD World Competitiveness Center, the research center which compiles the ranking.
Economists regard competitiveness as vital for the long-term health of a country's economy as it empowers businesses to achieve sustainable growth, generate jobs and, ultimately, enhance the welfare of citizens.
Switzerland climbed to fourth place from fifth, helped by economic growth, the stability of the Swiss franc and high-quality infrastructure. — With input from PR Newswires


Clic here to read the story from its source.