IMF says Brunei’s economy to contract sharply in 2016

Brunei slums
Brunei is not all glitzy Photo: Colins

The International Monetary Fund (IMF) expects Brunei’s economy to contract by a whopping two per cent this year,  a figure much lower than its October 2015 forecast of 3.2 per cent expansion for 2016, local news daily Brunei Times reported on May 6.

According to IMF’s latest Regional Economic Outlook for Asia and Pacific report, Brunei’s GDP forecast for the year continues a downward trend that started in 2013.

But the IMF, for some reason, expects the sultanate’s economy to rebound in 2017, with GDP seen to expand by three per cent. But this figure is lower than the 3.8 per cent growth projected in October 2015.

Brunei keeps struggling with low oil prices as it missed out on diversifying its economy on time. The majority of locals, most of them state-employed, will likely soon starting to feel the heat of subsidy cuts.



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[caption id="attachment_28178" align="alignleft" width="300"] Brunei is not all glitzy Photo: Colins[/caption] The International Monetary Fund (IMF) expects Brunei's economy to contract by a whopping two per cent this year,  a figure much lower than its October 2015 forecast of 3.2 per cent expansion for 2016, local news daily Brunei Times reported on May 6. According to IMF's latest Regional Economic Outlook for Asia and Pacific report, Brunei's GDP forecast for the year continues a downward trend that started in 2013. But the IMF, for some reason, expects the sultanate's economy to rebound in 2017, with GDP seen to expand by...

Brunei slums
Brunei is not all glitzy Photo: Colins

The International Monetary Fund (IMF) expects Brunei’s economy to contract by a whopping two per cent this year,  a figure much lower than its October 2015 forecast of 3.2 per cent expansion for 2016, local news daily Brunei Times reported on May 6.

According to IMF’s latest Regional Economic Outlook for Asia and Pacific report, Brunei’s GDP forecast for the year continues a downward trend that started in 2013.

But the IMF, for some reason, expects the sultanate’s economy to rebound in 2017, with GDP seen to expand by three per cent. But this figure is lower than the 3.8 per cent growth projected in October 2015.

Brunei keeps struggling with low oil prices as it missed out on diversifying its economy on time. The majority of locals, most of them state-employed, will likely soon starting to feel the heat of subsidy cuts.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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