Saudi Arabia Ranks 1st among G20 in Digital Competitiveness

A night view of Riyadh, Saudi Arabia. (AFP)
A night view of Riyadh, Saudi Arabia. (AFP)
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Saudi Arabia Ranks 1st among G20 in Digital Competitiveness

A night view of Riyadh, Saudi Arabia. (AFP)
A night view of Riyadh, Saudi Arabia. (AFP)

Saudi Arabia ranked first among the G20 member states in digital competitiveness in the last three years, revealed the World Competitiveness Report, released by the European Center for Digital Competitiveness.

The report was based on the World Economic Forum's report in this regard.

Such an achievement is the product of the support and leadership of Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, Deputy Prime minister and Minister of Defense.

Their backing of the communications and information technology sector allowed the Kingdom to make a significant leap in digitally-administered infrastructure, promoting digital potentials and huge digital enterprises and projects and applying digital laws and regulations.

The report assessed the steps and achievements in the digital shift environment, including venture capital investments, ease of doing business and the digital skills of the youth. It also tackled readiness to adopt and adapt to the digital shift and innovation in the work force, readiness to lead with entrepreneur ventures, promote innovative ideas at businesses.



Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
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Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)

A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council, a non-profit membership organization.

The travel and tourism industry's contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.

The WTTC estimates the industry's contribution to global GDP in 2024 will increase 12.1% year-over-year to $11.1 trillion, making up 10% of global GDP. This represents about a 7.5% increase from the previous record set in 2019.

"Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally," said Julia Simpson, CEO of the non-profit organization.

Travel spending in the US, Chinese and German economies is expected to contribute the most to GDP.

The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record prior to the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field.

In the United States, there are currently 1 million job openings across the leisure and hospitality industry, according to the US Travel Association. Total employment supported in the US was about 27 million jobs in 2023, according to the WTTC.