Brunei economic growth picking up in 2019

Syazwani Hj Rosli

Brunei is considered as Emerging Markets and Developing Economies at a gross domestic product (GDP) per capita of USD27,871 according to the International Monetary Fund (IMF), said Acting Vice-Chancellor of Universiti Teknologi Brunei (UTB) Haji Ady Syarmin bin Haji Md Taib.

In a speech yesterday at the opening of the two-day International Conference on Business, Management and Information Systems (ICBMIS) 2019, Haji Ady Syarmin said, “The country’s economy has been adjusting to the lower oil and gas (O&G) prices since 2014, with the authorities undertaking wide-ranging reforms. The reforms aim to ensure long-term fiscal sustainability and intergenerational equity, and to foster economic diversification.

“Growth is picking up in 2019, with the outlook improving further over the medium term, driven by expansion in the O&G sector and large investment projects. Nonetheless, lower-than-expected O&G prices or production would reduce fiscal revenues and exports, with significant spillovers to the non-O&G sector.”

Earlier, opening remarks were delivered by Dean of UTB School of Business Dr Haji Mohamed Saleem bin Haji Nazmudeen.

The speech was followed with a presentation on ‘Internet of Assistant’ by Senior Researcher at the Big Data Analytics Lab of the National Institute of Information and Communications Technology in Japan Dr Minh Son Dao.

Also present at the opening ceremony were Deputy Permanent Secretary (Higher Education) at the Ministry of Education Dr Chin Wei Keh.

The conference is organised by the UTB School of Business, in partnership with Universiti Tun Hussein Onn Malaysia (UTHM) and the Oxford Intellect.