ALBAWABA – The Kingdom of Saudi Arabia climbed seven spots to the 17th place in the World Competitiveness Index 2023, having jumped from the 32nd in 2021 to the 24th place in 2022.
The ongoing economic reforms in Saudi Arabia have elevated the Kingdom’s ranking in the index, placing it much higher than its G20 peers.
Saudi Arabia now ranks higher than South Korea, France, and India in the index, towering over Japan, Italy, Argentina, Indonesia, Brazil, and Turkey, according to Arab News.
The Switzerland-based International Institute for Management Development issues the annual ranking for more than 60 countries.
“Navigating today’s unpredictable environment requires agility and adaptability. Countries which excel are building resilient economies, such as Ireland, Iceland and Bahrain,” said Christos Cabolis, chief economist at the IMD’s World Competitiveness Center.
“The UAE, Saudi Arabia, Qatar, and Singapore are also key examples of this,” he added.
The index put Sweden in eighth place, followed by the US and the UAE in the ninth and 10th ranks, respectively.
In the Middle East region, Qatar climbed six places in the list to the 12th spot, and Bahrain rose to the 25th place.
