Saudi Gazette report

RIYADH — Saudi Arabia ranked second internationally in the consumer price index for 2020, making a quantum leap from the 38th rank in 2019 despite challenges resulting from the coronavirus pandemic, thanks to its low inflation rates, according to global competitiveness annual report for 2020 covering the world’s leading 63 competitive countries.

The annual report book also raised the Kingdom’s classification in the procedures of starting commercial work index to the 15th rank in 2020 from the 60th in 2019, reflecting the size of efforts being exerted to reform and develop the commercial business environment in the Kingdom and ameliorate the legislations regulating commercial activities and the participation of the private sector.

The report revealed that Saudi Arabia was the only country in the Middle East and the Gulf countries that made a progress, achieving 24th rank globally in all competitiveness indicators for the year 2020, a rise of two spots as compared to the last year.

The report also ranked the Kingdom eighth among the G20 countries, outperforming several countries with large economies in the world.