In a survey recently carried out by the International Institute for Management Development (IMD), it was reported that Saudi Arabia’s economy is improving faster than any other country in the world. Arab News reported that “The kingdom rose 13 places in the latest edition of the annual survey, jumping to 26th in the world.”
The Swiss business school also reported the key factors in Saudi’s notable development, one of them being the kingdom’s focus and investment in the education sector. Saudi’s education sector ranks the highest in the world, as the chief economist and head of ops at IMD’s World Competitiveness Center, Christos Cabolis, said in a statement, "Saudi Arabia spends 8.8 percent of its gross domestic product on education, against a global average of 4.6 percent," as he explained that the Arab country “invested almost double the global average on education.”
It was also noted that Saudi’s Vision 2030 plan has effectively contributed to Saudi Arabia’s improvement and development. IMD’s conclusion for the kingdom to develop further was that, “the kingdom's policymakers have to continue government efforts to boost the non-oil economy, as well as to increase employment opportunities for young Saudi men and women under the human capability development program. They should also continue reforms to restructure and streamline procedures and fees for licensing activities, and increase efforts to attract foreign direct investment."
From within the Arab region, the UAE came in above the other countries, as it made a breakthrough in “becoming the first Middle Eastern country to be in the top 5.” Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum shared his delight at the news to Twitter, stating, "The UAE has climbed to the 5th most competitive country globally in the IMD World Competitiveness Yearbook 2019, ranked 1st globally for business efficiency & management practices, and 2nd in government efficiency, international trade & infrastructure. No end to our ambitions."
On an international level, Singapore ranked the highest. The survey discovered that Singapore’s economy is the world’s most competitive and kicked America off its position as first, followed Hong Kong which ranked second. The reasons why Singapore came in at number one, were down to its "advanced technological infrastructure, the availability of skilled labor, favorable immigration laws, and efficient ways to set up new businesses."
