This is due to the wave of reforms carried out by the Kingdom. Similarly, the societal framework, and overall attitudes and values indicators saw an improvement as well.
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“Saudi Arabia is undergoing an important phase of reforms, which is a cause of the increased uncertainty about its future, and might be the reason behind the slight decrease in its rank, said Director of the IMD’s World Competitiveness Center Professor Arturo Bris.
“Also, the country is currently pursuing a strategy to diversify its economy in order to reduce the dependence on oil revenues. These changes as well as a slowdown in GDP growth and gross fixed capital formation led to a decline by three positions in the 2018 ranking compared to 2017.”
In spite of improved performance in a number of indicators, Saudi’s quest to rank among the world’s top competitive countries will still take a long time, the report indicated.
The Kingdom still ranks low in finance and domestic economy as it is facing a challenge in balancing the budget deficit due to fluctuations in oil prices.
Notably, if Saudi Arabia implements the pillars of its Vision 2030, its competitiveness will certainly increase, and it will catch up with its neighboring country, the UAE, in securing top rankings in the coming years
The development of Saudi human capital, especially youth and women, and what comes in line with vision 2030 to lead a sustainable economy in the Kingdom, will play a key role in stimulating the Kingdom’s national economy and increasing its competitiveness.
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