(WASHINGTON, DC) - Saudi Arabia ranks as the 18th most competitive economy in the world, according to The Global Competitiveness Report 2012-2013, released today by the World Economic Forum. The report assesses the competitive landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.

“The fact that Saudi Arabia remains among the top 20 most competitive economies demonstrates the substantial role the Kingdom plays in the global marketplace,” said Saudi Ambassador to the United States Adel bin Ahmed Al-Jubeir. “King Abdullah’s continued expansion of the private sector and the diversification of the Kingdom’s economy is building more opportunities for foreign investment and job creation."

Saudi Arabia has continued to grow its economy since joining the World Trade Organization in 2005. According to the International Monetary Fund, the Kingdom’s economic expansion rate increased in 2011, as Saudi GDP grew by 7.1 percent. The non-oil economy expanded by 8 percent – the largest amount since 1981 – and inflation remained at 5 percent. Meanwhile, new initiatives to tackle critical issues, including unemployment, housing, and the financing of small and medium businesses, were launched, as government spending increased by 20 percent.