'brunei economy' Stories

Brunei must accelerate economic diversification, says HM In a titah to mark his 76th birthday, the monarch said government must devise new economic strategies for a post-pandemic world

July 16, 2022

BANDAR SERI BEGAWAN – Efforts to diversify the economy have boosted growth in the non-oil and gas sector at an average annual rate…

Oman eyes more aquaculture investment in Brunei Three-day dialogue aims to identify more investment, education opportunities

July 6, 2022

BANDAR SERI BEGAWAN – The Oman Brunei Investment Company (OBIC) is exploring more investment opportunities in aquaculture, particularly in salmon farming in Brunei,…

Brunei’s 2021 GDP falls at fastest pace in five years Recession deepens as declining oil and gas output continues to hamper economic recovery

May 29, 2022

BANDAR SERI BEGAWAN – The Brunei economy suffered its biggest contraction in five years, closing out 2021 with a 1.6 percent annual negative…

Development spending down by 42% as another fiscal deficit looms Higher oil and gas revenue eases fiscal deficit in FY 2021/22, but budget shortfall projected to widen in next financial year

February 27, 2022

This story was updated on Feb 28, 2022 to include additional comments from the Second Minister of Finance and Economy. BANDAR SERI BEGAWAN…

Gov’t to reform retirement fund next year, HM announces The Legislative Council reconvenes under strict health guidelines

February 24, 2022

BANDAR SERI BEGAWAN – Brunei will reform its pension scheme next year to boost retirement savings, His Majesty Sultan Haji Hassanal Bolkiah announced at…

Supply shortages to keep inflation high in 2022, says CSPS Food prices continued to rise in 2021, including a 30% jump in the cost of lamb and mutton

January 28, 2022

BANDAR SERI BEGAWAN – Consumers are expected to continue paying high prices for goods and services throughout 2022 as inflation will likely remain…

Budget deficit could ease to 6.9% of GDP in 2022 CSPS predicts improved fiscal position for Brunei due to higher oil and gas revenue

January 27, 2022

BANDAR SERI BEGAWAN – Another budget deficit is looming for the fourth consecutive financial year in 2022/23, but the Centre for Strategic and…

CSPS: Brunei economy projected to grow 3.7% in 2022 Downstream oil and gas sector expected to lead economic recovery as petrochemical products now make up majority of country's exports

January 26, 2022

BANDAR SERI BEGAWAN – The Brunei economy is forecast to bounce back from recession to post a positive growth of 3.7 percent this…

Opinion

Opinion

Weaning Brunei off oil With depleting oil reserves and vulnerability to fluctuating energy prices, Brunei's economic diversification cannot come soon enough.

January 17, 2022

As a resource-rich country, Brunei Darussalam’s economy depends heavily on developments in the oil and gas sector. The Bruneian authorities have — for…

Economic woes continue to batter Brunei as oil output hits record low Brunei economy struggles to recover with 2.2% contraction in Q3 2021 amid second COVID wave

January 11, 2022

BANDAR SERI BEGAWAN – Brunei’s crude oil production plunged to a record low in the third quarter of 2021 as the second COVID…

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