Brunei economic blueprint: Towards a dynamic and sustainable economy

Azlan Othman

His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam has consented the Brunei Darussalam’s Economic Blueprint: Towards a Dynamic And Sustainable Economy to plan the country’s economic direction towards achieving the third goal of Brunei Vision 2035 which is a ‘Dynamic and Sustainable Economy’, the Ministry of Finance and Economy announced.

The blueprint aims to act as a guide to align policies, strategies and initiatives by the government and private sector towards achieving the third goal of Brunei Vision 2035.

The success of the Economic Blueprint will help Brunei Darussalam to move from a highly dependent oil and gas economy to a dynamic and sustainable economy providing more meaningful and high-value employment opportunities for the people and harnessing the latest technology in line with the Fourth Industrial Revolution (4IR).

The preparation of the economic blueprint has taken into account the views and perspectives of stakeholders, namely the government and the private sector, through consultation sessions which have been conducted.

In achieving the objectives, four main macroeconomic goals are intended, namely high and sustainable economic growth which is not affected by any economic uncertainties; economic diversification which is to increase the contribution of the Non-Oil and Gas sector; macroeconomic stability which is among others moderate inflation, fiscal sustainability and trade surplus; and low unemployment rate.

In any development efforts of the country, the nation will continue to be guided by the Malay Islamic Monarchy (MIB).

In ensuring that the goals will be achieved, six aspirations have been identified in the economic blueprint: productive and vibrant businesses; skilled, adaptable and innovative people; open and globally connected economy; sustainable environment; high quality and competitive economic infrastructure; and good governance and public service excellence.

In achieving the aspirations, a collaborative whole-of-nation approach is important in involving parties, namely the private sector will serve as the driving force of the country’s economy; the government sector will continue to play a role in facilitating the success of the development of the country; and investors in the country and overseas have a role in introducing new industries; and members of the public and residents of Brunei Darussalam must practice the culture of ‘Berkarih, Bejarih, Belurih’.