Riyadh – Mubasher: Saudi Arabia has jumped three positions, or 70 points, to be ranked as one of the most competitive economies in the Arab region, according to the latest Global Competitiveness Report 2019 by the Geneva-based World Economic Forum (WEF).

Globally, the GCC nation improved three positions, reaching the 36th place, globally.

“Saudi Arabia is making strides to diversify its economy: the non-oil sector is expected to expand in 2019, and further public and private investments outside the mineral sector will be deployed over the next few years,” the report said.

The report stated that the determination of Saudi Arabia to initiate a process towards structural transformation of its economy is mostly visible in terms of ICT adoption (38th), a pillar where the country has gained 9.4 points.

“As monetary policies begin to run out of steam, it is crucial for economies to rely on fiscal policy, structural reforms and public incentives to allocate more resources towards the full range of factors of productivity to fully leverage the new opportunities provided by the Fourth Industrial Revolution,” the report highlighted.

Globally, Singapore came in first place in the global competitiveness index, followed by the US.