Many have hailed Myanmar’s recent economic, political and social restructuring as ground breaking, and for good reason. In a relatively short period the country’s economy has gone from being largely isolated to being a focal point for foreign investment.
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.
A decisive victory for the opposition in Myanmar’s general elections in late 2015 generated a fresh wave of investor optimism, raising hopes of increased economic stability in 2016 after a somewhat uncertain year.
The Malaysian economy continued to expand throughout 2015, shaking off falling commodity prices, weaker growth in China and a sharp depreciation of the local currency.
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.
Efforts to spur growth in 2015 through higher spending and major infrastructure projects produced mixed results for Indonesia, in a year dominated by weaker commodity prices.
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