RIYADH: According to global competitiveness annual report for 2020, Saudi Arabia ranked second internationally in the consumer price index out of 63 countries, ARY News reported.
Saudi Arabia was ranked 38th in 2019 and despite challenges resulting from the coronavirus pandemic this great leap is being seen as a very good omen.
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Based on the report, Saudi Arabia was also place at number 15 with an exponential rise in standings compared to last year’s 60th place in procedures of starting commercial work index 2020.
Saudi Arabia also ranked eighth in global competitiveness annual report among the G20 countries.
Saudi authorities have claimed
that the clear betterment reflected through the rankings was due to the mammoth effort put forth by the country and its leadership to make it a business hub and provide the best business environment in the world.Read More: Saudi Arabia announces ‘noon work ban’
Conscious efforts have been made by the Kingdom to ameliorate the legislations regulating commercial activities and the participation of the private sector.
The report also revealed that Saudi Arabia was the only country in the Middle East and the Gulf that made a progress, achieving 24th rank globally in all competitiveness indicators, a rise of two spots as compared to the last year.
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