What do you think is driving the growing infrastructure gaps throughout emerging and developing economies in Asia?
Brunei Darussalam Economy
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A combination of tighter fiscal planning, a gradual increase in hydrocarbons prices and an improved performance by some non-oil sectors saw Brunei Darussalam shake off two years of contraction and lay the foundations for stronger growth in 2017.
Infrastructure was a major beneficiary in Brunei Darussalam’s budget for FY 2016/17, alongside other key segments of the economy expected to steer the country toward more robust growth.
Amid concerns that Brunei Darussalam’s budget deficit could exceed earlier forecasts, Pehin Dato Abd Rahman Ibrahim, the second minister of finance, delivered a precautionary speech in January, emphasising the importance of public spending cuts.
While 2015 saw some progress in Brunei Darussalam’s ongoing diversification efforts, the challenging external climate, together with an increasingly competitive regional environment, further underscored the importance of pursuing non-oil revenue sources.
Foreign direct investment (FDI) and trade in Brunei Darussalam are expected to increase under the recently agreed Trans-Pacific Partnership (TPP) deal, dovetailing with the Sultanate’s efforts to diversify its economy.