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10
Borneo Bulletin Yearbook 2023
We enter 2023 hopeful of a better
global economic outlook after facing
subsequent global crises since 2020,
from the COVID-19 pandemic to global
inflation and geopolitical tension. In
their latest
World Economic Outlook
,
published in January 2023, the
International Monetary Fund forecasts
that the global economy will grow
by 2.9 per cent in 2023, 0.2 per cent
higher than predicted in October 2022,
and further rise to 3.1 per cent in 2024.
Global inflation is also expected to fall
from 8.8 per cent in 2022 to 6.6 per
cent in 2023, a welcome respite from
the rising prices experienced since the
pandemic wreaked havoc on global
supply chains and shipping costs.
As we have all experienced, no
region nor country has been spared
from the impact of the pandemic,
which disrupted economic activity
throughout the world and restricted
movement
across
borders.
In
recovering socio-economically from
these impacts, it is important for Brunei
Darussalam to focus on strategies that
will ensure that its economy will not
just be diversified and sustainable, but
also resilient towards any future crises,
towards achieving the third goal of
Brunei Vision 2035.
Our strategies and efforts towards a
diversified and resilient economy will
be guided by the Brunei Darussalam
Economic Blueprint. The five priority
sectors identified in the Blueprint,
namely Downstream Oil and Gas,
Food, ICT, Tourism and Services
will continue to be the focus of our
diversification
efforts.
Increasing
economic activity and investment
in these sectors will drive growth of
our industries, boost our exports and
generate employment, especially for
our local workforce. In this regard,
high quality and relevant foreign
direct investment (FDI) is imperative in
contributing towards the development
of the private sector in this country
through economic spin-offs.
The efforts which started many years
ago have begun to bear fruit. Since
2019, the Non-Oil and Gas Sector has
grown by about 4 per cent on average
annually, as a result of new activities
and the expansion of existing ones,
driven by FDI. Meanwhile, in 2021 and
2022, the value of our Non-Oil and Gas
exports surpassed our Oil and Gas
exports.
However, these efforts have to be
continued further. The government
will enhance its efforts to ensure
a more conducive eco-system to
FOREWORD
Yang Berhormat Dato Seri Setia Dr AwangHaji Mohd Amin Liewbin Abdullah
Minister at the Prime Minister’s Office and Minister of Finance and Economy II
Our strategies andefforts towards a diversified and resilient economy
will be guided by the Brunei Darussalam Economic Blueprint. The
five priority sectors identified in the Blueprint, namely Downstream
Oil and Gas, Food, ICT, Tourism and Services will continue to be the
focus of our diversification efforts.