Saudi Arabia has broken into the top 20 most competitive economies of the world for the first time, which also saw other Gulf countries continue their upward trend of recent years.
The Global Competitiveness Report 2011-12, released Wednesday by the World Economic Forum (WEF), put Saudi Arabia at No. 17 from No. 21 in 2010-11. Qatar (14th) solidifies its place in the top 20, followed by the United Arab Emirates (27th), Kuwait (34th) and Bahrain (37th).
Commenting on the improvement in Saudi Arabia's ranking, Jarmo T. Kotilaine, chief economist at the National Commercial Bank (NCB), said: "The ranking highlights the payoff of years of prudent policymaking and regulatory overhaul. At a time when the global storm clouds are gathering, Saudi Arabia as well as Qatar are consolidating their positions as attractive places to do business. This underscores the value of the strategic approach these Gulf economies have adopted in their policymaking.
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