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.
Falling energy and mineral prices ramped up pressure on Papua New Guinea’s economy in 2015, prompting a reduction in state spending that is expected to continue into the new year as the government looks to return the budget to a surplus.
Higher capital inflows helped to write the latest chapter of Vietnam’s impressive growth story in 2015, with reforms aimed at boosting foreign direct investment (FDI) and a raft of newly signed trade deals setting the scene for another positive year.
Like many of its emerging market peers, Mongolia felt the weight of falling commodities prices and weaker global demand in 2015. However, progress made in moving major mining and transport infrastructure projects forward is expected to pave the way for recovery in the near to medium term.
Strong domestic demand and increased government spending helped sustain high levels of economic expansion in the Philippines throughout 2015, though a slight slowdown was observed late in the year as demand from the country’s main trading partners eased.
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