I recently came across a photo in an online forum, showing a person from the neighbouring country with a stack of Brunei banknotes, who thanked Bruneians for their brisk business. I have a feeling that the money will never come back to our economy.
While local businesses ought to be more competitive, the authorities need to also set the tone for the economy by supporting these businesses. Forget giving out “fake” rewards; we need more robust policies to spur economic activity.
The sad fact is, we are so far behind in terms of development. Had our economy been managed properly, the average income of the locals would at least be in the USD5,000-per-month range.
Instead, the vast majority of us are barely making BND1,000 per month, which is such a shame because our country has so much unexplored potential.
We urgently need to reflect on the failures of our past, so we can fix the fragile economy once and for all.
Cautious Economist
