RIYADH: Saudi Arabia has climbed eight spots in a ranking of economic competitiveness produced by Switzerland-based International Institute for Management Development.

The Kingdom has been placed 24th in the World Competitiveness Yearbook 2022 as efforts to diversify its economy in line with the Vision 2030 project continue.

The yearbook noted that Saudi Arabia is ranked seventh among its G20 peers in terms of economic competitiveness, ahead of countries like South Korea, France, India, Japan, Italy, Argentina, Indonesia, Brazil, and Turkey. 

According to the report, the Kingdom made significant improvements in all major areas, including economic performance, government efficiency, and business efficiency. 

Denmark topped this list, followed by Switzerland, Singapore, Sweden, and Hong Kong.

The report also suggested that Saudi Arabia is ranked in the top 10 in several indexes, such as  the adaptability of governmental policy, digital transformation in companies, public finances,  total general government debt and social cohesion. 

The Kingdom was also placed in the top 10 lists in other stock market capitalization, gross fixed capital formation, energy infrastructure, electricity costs for industrial clients, cybersecurity, total public expenditure on education, digital/technological skills, total early-stage entrepreneurial activity, and national culture.

“Our positive performance in the World Competitiveness Yearbook 2022 and other similar reputable global benchmarks reflects our robust economic performance. Our standing is the result of Vision 2030’s efficient and effective whole-of-government approach to reform that has enhanced the Kingdom’s global competitiveness,” said Majid Al Kassabi, Saudi Arabia’s minister of commerce and chairman of the National Competitiveness Center. 

He added: “The resiliency of the Saudi economy and its speed of recovery from the pandemic has contributed to making the Kingdom one of the fastest-growing countries in the world.”