Performance overview: Saudi Arabia
Saudi Arabia comes in at 29th, losing four places mainly as a result of a deteriorating macroeconomic environment following the drop in energy prices. The country has recently revealed its ambitious economic development program, which aims at widespread diversification of the economy in order to reduce dependence on oil by 2030. Achieving higher diversification will require building capacities in high-end industries and services sectors. Strengthening education, particularly in terms of the quality of math and science training but also in management and primary education, will be necessary, but so will be a more flexible labor market that ensures that talent is used efficiently. Significant potential for improvement also exists with respect to financial markets, which remain less stable than in peer economies.