As per the Global Competitiveness Yearbook Report for 2020
The Kingdom of Saudi Arabia has achieved the best ranking in the Global Competitiveness Yearbook Report for 2020, issued by the Global Competitiveness Center. This is among the 63 most competitive countries in the world.
The Kingdom has made unprecedented exceptional progress in the World Index, despite the economic conditions resulting from the impacts of Covid-19 pandemic, as the Kingdom’s rank for Consumer Price Index reflects a great leap from 38th globally in 2019 to the 2nd in 2020. This is due to low inflation rates.
The Kingdom’s rank in the World Index for Starting-up a Business reflects as well an exceptional progress, rising from 60th rank in 2019 to 15th globally in 2020.
This great progress comes to reflect the efforts exerted in reforming and developing the business environment in the Kingdom of Saudi Arabia, as well as the development of legislations that regulate and organize the commercial work, taking into consideration the participation of the private sector.
It is worth mentioning that the Global Competitiveness Yearbook Report is one of the most comprehensive reports related to the competitiveness of countries, as it compares 63 countries, based on four basic hubs: Economic Performance, Government Efficiency, Business Efficiency and Infrastructure.
The Global Competitiveness Yearbook Report revealed that the Kingdom had registered the only progress in the Middle East and the Arab Gulf countries. The Kingdom ranks 24th globally in all competitiveness indicators for 2020, surpassing two ranks in the last year index which was 26th in 2019.
The World Report also ranked the Kingdom as the 8th among the G20 countries, surpassing several countries with advanced economies in the world.