Brunei Darussalam in figures:OBGplus
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Brunei Darussalam in figures:
Diversity drive: Page 18OBGplus
Diversity drive Page 18 Government revenues have declined as a result of the global oil market slowdown, and the 2016/17 budget reflects this. However, moves to increase foreign investment and support economic diversification also factor into the government’s spending plans, with non-oil growth becoming increasingly critical, as evidenced by allocations to education, infrastructure, and research…
Brunei Darussalam’s property market set to easeOBGplus
While 2015 brought growth in Brunei Darussalam’s real estate sector, a further cooling of the economy points to a slowdown in the Sultanate’s property market for the rest of this year. In May the IMF lowered its 2016 economic forecast for the Sultanate to a contraction of 2%, which was down from an earlier estimate made in October of 3.2% growth, which, if realised, would mark a fourth consecutive…
Brunei Darussalam rises in the World Bank's 2016 ease of doing business ranking through reformsOBGplus
After a sharp slide on the World Bank’s ease of doing business index in the “Doing Business 2015” report, Brunei Darussalam launched a host of new reforms aimed at making the country’s investment climate more attractive and competitive. New businesses in low-risk sectors are now able to receive a licence and begin operations in a tenth of the time, while ongoing efforts to bolster foreign direct…
Lower oil revenues drive public sector reforms and diversification drive in Brunei DarussalamOBGplus
Government revenues have declined significantly in Brunei Darussalam as a result of the global oil market slowdown, leading authorities to float a number of new policies aimed at rationalising spending. The 2016/17 budget reflects these challenges, with funding cut at nearly every department and a strong emphasis on improving efficiency and productivity. Moves to increase foreign investment and support…
Trans-Pacific Partnership trade agreement to underpin Brunei Darussalam's diversification effortsOBGplus
As a founding member of the vast Trans-Pacific Partnership (TPP), the Sultanate is poised to welcome a host of economic benefits as a result of its membership. After a historic signing ceremony in October 2015, the next phase of the pact’s development will see each signatory seek domestic ratification prior to official enactment. Although policymakers will continue to negotiate over several TPP provisions…
Partnerships with international oil companies help Brunei Darussalam cope with natural gas price dropOBGplus
Brunei Darussalam was a pioneer in the liquefied natural gas (LNG) sector during the 1970s, building a large-scale liquefaction plant and developing long-standing export ties to key markets in Japan and South Korea, leading to robust industry expansion and a substantial augmentation of its petroleum revenue base. However, both production and export of LNG has fallen in recent years, as ongoing maintenance…
Brunei Darussalam prioritises renewable energy to confront climate changeOBGplus
Although its dominant oil and gas sector will likely remain at the forefront of economic growth over the medium term, Brunei Darussalam has prioritised sector diversification and development of renewable energy projects in recent years, as highlighted by the 2014 “Energy White Paper”, as well as a climate change plan released prior to the COP21 UN Conference on Climate Change, hosted in Paris in…
Brunei Darussalam identifies new avenues for growth and collaboration with ASEAN partners in energyOBGplus
In a bid to diversify its economy, bolster future earnings from oil and gas revenues, and support ASEAN integration, Brunei Darussalam has joined a number of regional initiatives in recent years, with the goal of reducing consumption and increasing the use of renewable energy over the next decade. Regional cooperation in renewables development is becoming increasingly common for Brunei Darussalam’s…
