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Saudi Arabia Tops Consumer Confidence in Local Economy Trends Index

Saudi Arabia Tops Consumer Confidence in Local Economy Trends Index

Friday, 11 June, 2021 - 10:00
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia topped the "Consumer Confidence in Local Economy Trends" index compared to the 23 countries, according to the Global Consumer Confidence Index: May 2021 issued by Ipsos.

The index includes consumers’ feedback on the current and future status of the local economy and their assessment of their personal financial conditions and investment.

Ipsos relies on various sectors including commerce, industry, retail, banks as well as governments, in general, to study the changes in this indicator while making economic and investment decisions, including the Kingdom’s National Center for Measuring the Performance of Public Institutions (ADAA).

The Kingdom also ranked second globally among 23 countries in the general index of "consumer confidence" for the same month, in addition to achieving second place in the results of the "personal financial capabilities" index, and second place in the "investment confidence" index.

In a statement issued Thursday, ADAA explained that the "Global Consumer Confidence Index" depends in its assessment on four main axes: consumer confidence in "personal financial capabilities, local economic trends, investment climate, and general job security."

The National Center for Measuring the Performance of Public Institutions monitors and follows up on those indicators that highlight the Kingdom’s progress at the international level and enable decision-makers to develop performance and global competitiveness, through international performance platforms.

This enables public agencies to follow up on the Kingdom’s performance as opposed to the performance of more than 217 countries in more than 700 global measurement indicators.

Last week, Saudi Arabia ranked first worldwide in the response of government as well as of entrepreneurs to the COVID-19 pandemic, while the Kingdom stood 7th in entrepreneurial progress worldwide, according to the Global Entrepreneurship Monitor (GEM) report for 2020/2021.

The report was issued in cooperation with Prince Mohammad bin Salman College of Business and Entrepreneurship (MBSC) and Babson Global Center for Entrepreneurial Leadership (BGCEL).

The Kingdom jumped to first place worldwide at the ease of starting-up business index from the 22nd position, according to the report, which reflects the essential reforms in the entrepreneurship environment to business start-up procedures.

The Kingdom also ranked first in terms of providing good opportunities to start a business, after ranking sixth earlier.

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