Latest news with #WorldCompetitiveness
Arab News
4 days ago
- Business
- Arab News
Saudi Arabia ranks 17th globally in competitiveness index as it outshines economic heavyweights
JEDDAH: Saudi Arabia has maintained its spot in the top 20 of the World Competitiveness Ranking, ahead of global heavyweights the UK, Germany and France. The Kingdom secured 17th position on the list, driven by strong governance, infrastructure upgrades, diversification, and regulatory reforms. Issued by the International Institute for Management Development's World Competitiveness Center, the ranking is widely recognized as a benchmark for evaluating how effectively countries utilize their resources to drive long-term economic growth. Saudi Arabia was placed just behind China in 16th and ahead of Australia in 18th place. Although this marks a slight drop from 16th in 2024, Saudi Arabia's 2025 ranking represents a significant improvement from 32nd in 2023 and 24th in 2022, underscoring its rising economic stature. As part of Vision 2030, Saudi Arabia launched the National Competitiveness Center in 2019, with the organization now working with 65 government bodies to drive reforms centered on productivity, sustainability, inclusiveness, and resilience. According to the World Competitiveness Center, the Kingdom needs to 'continue efforts to promote renewable energy and reduce carbon emissions' and 'carry on enhancing overall competitiveness across multiple pillars.' Improvement will also come if Saudi Arabia continues to 'invest even more in human capital development across all economic sectors' and push ahead with 'ongoing government endeavors to achieve the targets in the Saudi 2030 vision.' The IMD report is one of the world's most comprehensive competitiveness benchmarks, evaluating 69 countries across four pillars: economic performance, government efficiency, business efficiency, and infrastructure. The ranking shows that GCC countries continue to demonstrate their growing economic strength and regional importance, with the UAE leading the group, securing fifth place globally, reflecting its diversified economy and strategic initiatives to attract investment. Qatar follows in ninth place, supported by substantial infrastructure development and robust financial resources. Bahrain was ranked 22, Oman came in at 28, and Kuwait was placed at 36, showing steady progress through structural reforms and sectoral investment despite ongoing challenges. These rankings underscore the GCC's ambition to strengthen global economic resilience and competitiveness. Switzerland, Singapore, and Hong Kong lead the ranking, while Canada, Germany, and Luxembourg saw the most notable improvements among the top 20 economies. Saudi focus According to the IMD, Saudi Arabia has made progress in several key economic areas, although some aspects still require improvement. On the economic performance indicator, the Kingdom ranks 17th globally with a score of 62.3. Its domestic economy scored 59.2, placing it 25th worldwide, an improvement of six positions from the previous year. International trade advanced three places to 29th with a score of 56.0, while global investment climbed four spots to 16th with a score of 57.8, signaling increased investor confidence. However, the employment sector declined slightly, dropping three positions to 29th with a score of 55.6. Inflationary pressures impacted the prices indicator, which fell eight places to 19th despite maintaining a relatively strong score of 60.7. These mixed results reflect Saudi Arabia's ongoing efforts to strike a balance between growth and economic stability amid global and domestic challenges. Public finance indicators remain solid, with a score of 69.5, placing the Kingdom 13th globally, despite a modest three-position drop. Tax policy holds steady at 67.6 points and 12th place, with a similar three-rank decline. The institutional framework experienced a more pronounced decline, dropping seven places to 27th with a score of 58.6, indicating potential areas for reform. In contrast, business legislation improved, rising two places to 13th with a score of 67.6, indicating regulatory progress. The societal framework remains a key challenge, ranking 55th with a score of 44.2, representing a nine-position decline, which highlights the need for continued social and structural development to support economic goals. Saudi Arabia ranked 12th globally in business efficiency with a strong score of 81.4. Productivity and efficiency showed further strength, scoring 66 and placing the Kingdom 15th, up six spots. The labor market remains a key strength, ranking 9th despite a four-place drop, with a score of 64.2. The finance sector gained three ranks to 19th with 63.4 points, while management practices rose to 17th with a score of 64. Attitudes and values remain a significant national asset, ranking third globally with a score of 81.6, reflecting a strong culture of resilience and ambition. Infrastructure continues to show marked improvement. Basic infrastructure ranks seventh globally with a score of 67.6, up two positions. Technological infrastructure rose 10 places to 23rd with a score of 59.5, and scientific infrastructure improved nine spots to 29th with a score of 52.1. Health and environment indicators gained slightly, moving up one place to 47th with a score of 47.5. Education declined marginally, down one position to 39th with a score of 55.4, signaling an area for continued focus.
Malay Mail
6 days ago
- Business
- Malay Mail
‘This belongs to all Malaysians': PM hails reforms and public-private cooperation for surge in global competitiveness ranking
PUTRAJAYA, June 17 – Datuk Seri Anwar Ibrahim has today lauded Malaysia for jumping 11 places to rank 23rd in the IMD World Competitiveness Ranking 2025, marking its best performance in five years. The prime minister said the surge reflected the effectiveness of his administration's reform initiatives and the collective efforts of both the public and private sectors. 'We have proven that Malaysia is capable of making great strides forward through strong political will, the commitment of the entire government machinery, and close cooperation with the private sector,' he said in a statement here. He said Malaysia's improvements in trade, administrative efficiency and the investment environment had laid the groundwork for sustainable and inclusive economic growth. 'This achievement belongs to all Malaysians,' Anwar added. He described the latest ranking as a significant step towards the country's goal of becoming one of the world's most competitive economies by 2033. The Ministry of Investment, Trade and Industry (Miti) said earlier the latest ranking, up from 34th last year, reaffirmed the nation's trajectory towards becoming one of the world's top 12 most competitive economies by 2033 as targeted under the Madani Economy framework. Malaysia ranked fourth globally in economic performance, improving four spots from eighth place last year. Both government efficiency and business efficiency factors improved by eight positions. Miti said the international trade sub-factor increased 11 places to sixth, as strong export growth in goods and services, diversified markets, and rising tourism receipts strengthened Malaysia's trade surplus. The ministry also expressed confidence that with strong governance, continuous commitment from the federal and state governments and close cooperation with the private sector, Malaysia is on the right path to position itself among the world's 12 most competitive economies by 2033. According to the IMD World Competitiveness Centre, the annual ranking assesses countries based on four factors: economic performance, government efficiency, business efficiency, and infrastructure. The ranking evaluates 69 economies and is compiled using both hard data and survey responses from executives.
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Malaysia advances 11 spots to 23rd in global competitiveness ranking
The investment, trade and industry ministry said economic performance, and government and business efficiency were the main factors driving Malaysia's progress this year. (AP pic) PETALING JAYA : Malaysia has advanced 11 spots in the International Institute for Management Development (IMD) World Competitiveness Ranking (WCR) 2025 to 23rd among 69 economies, up from 34th placing last year. In a statement yesterday, the investment, trade and industry ministry noted that the ranking is the nation's best since 2020. 'This reflects the rising momentum in Malaysia's economic recovery and reform agenda, and reaffirms its trajectory towards becoming one of the world's top 12 most competitive economies by 2033,' the ministry said. Last year, Malaysia fell seven places to 34th out of 67 countries worldwide, and four places to 10th out of 14 countries in the Asia-Pacific region. The nation experienced a decline in nearly all factors, including economic performance, government efficiency and business efficiency, except infrastructure, in which it retained its position. The WCR analyses and ranks the capacity of countries to create and maintain an environment that sustains the competitiveness of enterprises. The ministry said that this year, economic performance, government efficiency and business efficiency were the main factors driving the nation's progress. 'Malaysia ranked fourth globally in economic performance, improving four spots from eighth place last year. Both government efficiency and business efficiency factors improved by eight positions. 'The international trade sub-factor increased 11 places to sixth, supported by strong export growth in goods and services, diversified markets and rising tourism receipts, strengthening Malaysia's trade surplus,' it said. The ministry quoted its minister, Tengku Zafrul Aziz, as saying Malaysia's move up the rankings reflects how bureaucracy-related reforms are 'closely intertwined with facilitating robust investment and industrial growth'. 'The government's whole-of-government approach under the Madani framework also demonstrates its commitment to holistic structural reforms,' Tengku Zafrul said.
