Holding a strong economy is important for the growth of any country. This is majorly indicated by the strength of businesses in the country which is why governments invest and focus on the well-being of their business sector. Recent news in the business sector has indicated that the Kingdom of Saudi Arabia is one of the fastest improving countries in the world in our recent times. This has had a great impact on their economy which is expected to reflect greatly on the business sector.
In a survey conducted on all countries in the world ranking the countries according to their growth in economy, Saudi Arabia was able to show an increase which took it up the list a total of 14 positions. With United Arab Emirates now at number one, Saudi Arabia is expected to start to appear in the competition with chances of better investors to be laid in the region.
This was commented on by the chief economist and head of operations at IMD’s World Competitiveness Center, Mr. Christos Cabolis by saying, “Saudi Arabia spends 8.8 percent of its gross domestic product on education, against a global average of 4.6 percent. The message is to keep up the good reforms and attempt to be more transparent. Singapore’s rise to the top was driven by its advanced technological infrastructure, the availability of skilled labor, favorable immigration laws, and efficient ways to set up new businesses. Hong Kong SAR held on to second place, helped by a benign tax and business environment and access to business finance.”