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Economic Overview and Brunei's National Development Plans

Monica Cruz

on 18 July 2013

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Transcript of Brunei

Negara Brunei Darussalam
Geographical Location
Brunei Darussalam is situated in the south-eastern region of Asia, on the Island of Borneo, between longitudes 114'04" and 114'23" East and latitudes 4'00" and 5'05" North. Brunei, although occupying less than 1% of Borneo's land area, is the only sovereign country on the island, which it shares with the Indonesian provinces of West, East, South and Central Kalimantan and the Malaysian states of Sabah and Sarawak.
•Location: South-eastern Asia, on the island Borneo bordering the South China Sea and Brunei Bay.
•Area: 5,765 km² (2,226 sq. mi.).
•Terrain: East--flat coastal plain rises to mountains; west--hilly lowland with a few mountain ridges.

Country Profile
Descriptive name: “Abode of Peace”
Capital: Bandar Seri Begawan
4 districts:

Total land area: 5,765 km²
Total population: 408,786 (July 2012 est.)
Races: 67% Malays, 15% Chinese
Official language: Bahasa Melayu, English
Official religion: Islam (66% are Muslims, others are Buddhists and Christians)
Form of government: Monarchy — Independent Sovereign Constitutional Sultanate
Head of State: His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah
Literacy rate: 94.9%, highest in the world
Currency: Brunei Dollar (BND)

Economic Overview
Brunei Darussalam has a small but wealthy economy, which is growing at a slow and steady rate, that depends on revenue from natural resource extraction but encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures.
National Development Plan (2007 - 2012)
In its effort to stimulate economic growth, the Brunei Government is actively promoting the development of various target sectors through its five-year National Development Plans.

It is the first national development plan to have been formulated in line with the objectives of Brunei Darussalam’s recently launched long-term development plan, better known as “Wawasan Brunei 2035”.

National Development Plan
(2007 - 2012)
Four Development Objectives:
 Widening economic base and strengthening the foundation for a knowledge-based economy
 Accelerating the pace of social progress and maintaining political stability
 Enlarging the pool of highly skilled labor force
 Strengthening the institutional capacity
Gross Domestic Product (GDP): US$ 17.092 billion
GDP composition by sector:
Agriculture: 0.8%
Industry: 66.6%
Services: 32.6%
Major exports:
Crude petroleum
Natural gas
Major imports:
Manufactured goods

Foreign direct investment: US$ 1,208,299,217
Average inflation rate: 1.5%
External debt: US$ 0
Unemployment rate: 2.7%

National Development Plan
(2007 - 2012)
Top Priorities:
 Development of human resources
 Expansion of science and technology innovation promoted industries
 Economic resilience
 Boost the quality of life of the people
 Preserve positive cultural values
 Conserve and sustain natural resources

National Development Plan
(2007 - 2012)
Key Challenges:

 Enhance national capacity to carry out development initiatives
 Strengthen competitiveness
National Development Plan
(2012 - 2017)
Second five-year national development plan
Under the Brunei Darussalam Long-Term Development Plan (2007-2035)

NDP10 Theme:
RKN10 will focus on the acceleration of economic growth.

National Development Plan
(2012 - 2017)
NDP10’s Strategic Development Thrusts:
“Wawasan Brunei 2035”
The Brunei Darussalam’s National Vision was authorized by His Majesty Sultan Haji Hassanal Bolkiah and Yang Di-Pertuan, launched on January 2008.
By 2035, Brunei wish to be recognized everywhere for:
 The accomplishments of its well-educated and highly skilled people
 The quality of life
 The dynamic, sustainable economy
As they work towards these aims, they will be united in:
 Their loyalty to their Sultan and their country
 Their belief in the values of Islam
 Their traditional tolerance and social harmony
“Wawasan Brunei 2035”
To meet the challenges successfully by 2035, Brunei aspires to excel in the following key areas:
 An educated, highly skilled and accomplished people -through seeking a first class education system
 Quality of life -proper care for the environment and vital support need the all members of the society will be ensured
 Dynamic and sustainable economy -pursuance of an economy that will generate quality employment in both public and private sectors
Enduring Values
In struggling towards higher level of development, they will be guided by their commitment to the monarchy, faith in the values of Islam, compassion and social harmony.

Achieving Brunei 2035

To realize the vision of Brunei 2035, the strategies listed below will need to be observed by the strong coordination of the government and private bodies with the people:
 An education strategy that will prepare the youth for employment
 An economic strategy that will create new employment for the people and expand business opportunities through investments
 A security strategy that will safeguard the political stability and sovereignty as a nation
 An institutional development strategy that will enhance good governance in both public and private sectors
 A local business development strategy that will enhance opportunities for local small and medium sized enterprises
 An infrastructure development strategy that will ensure continued investment by the government and public-private partnerships to maintain world-class infrastructure
 A social security strategy that ensures that, as nation prospers, all citizens are properly cared for
 An environmental strategy that ensures the proper preservation of the natural environment and cultural habitat
• Highest human development index in the Islamic world (Human Development Report 2009)
• Highest macroeconomic stability in the world (Global Competitiveness Report 2009-2010)
• 2nd highest per capita income in ASEAN (Global Competitiveness Report 2009-2010)
• 2nd highest quality of life in ASEAN (Human Development Report 2009)
• 3rd most favourable tax regime in Asia (Global Competitiveness Report 2009-2010)
• 4th largest oil producer in ASEAN (World Trade Organization, 2008)
• 9th largest LNG exporter in the world (World Trade Organization, 2008)
• One of the lowest inflation rates in the world – 2.7% (Global Competitiveness Report 2009-2010)
• One of the highest literacy rates in the world – 94.9% (Human Development Report 2009)
• One of the best healthcare systems in Asia (World Health Organization)
 Stable average inflation rate of 1.5% for the past 20 years
 High quality of life
 Very low unemployment rate
 Political stability
 Strong oil and gas industry for the past 80 years
 Well-educated population
 Modern infrastructure
 Strategic location
 Rich biodiversity
 Attractive investment incentives
 Readily available industrial sites
 Over-reliance on oil and gas industry
 Widening gap between the expectations and capabilities of the nation’s youth and the employment opportunities currently being created.
 Upgrading the labor force
Reduction of unemployment
 Strengthening of banking institutions
 Uplifting the tourism sector
Brunei Dollar being pegged to Singaporean Dollar
Effects of Climate Change
Depleting natural resources
Budget Allocation per Sector for the 10th NDP
Presented by:
Barte, Ralph Kevin
Chan, Jacqueline B.
Cruz, Monica Elaine D.
Marilao, Steffi Marie
Odchigue, Angela Julienne
Pulido, Jettrho
Santillan, Kharlyn Caye

Comparison :
Brunei Darussalam has able to stabilize their small but wealthy economy by the domination of the oil and gas industry. With the commitment and coordination of the people to the public and private sector, competitive attitude, political stability and strong belief in Islam, the country has able to meet their target goals. Well-developed and advanced infrastructure attracted more investments that generated more job opportunities for the people. In the midst of their impressive long-term development plans and proper implementations, quality of life of the citizens leveled up, being evident in their healthcare systems, education and incentives by the government. The threat of the depleting of Brunei’s natural gas reserves, the country is on to diversifying the economy thru concentrating on sectors that are capable of sustaining the steady growth such as the private sector, tourism and banking institutions.
The creation of 10th National Development Plan (2012-2017) aims for knowledge and innovation enhance productivity and economic growth
Country had formulated a long-term goal called "Wawasan Brunei 2035" in which Brunei envisions as one of the first world country in the globe by the year 2035
Sectors by its contribution to economy:
Agriculture: 0.8%
Industry: 66.6%
Services: 32.6%
It has a GDP per capita of $49, 384
The Philippine Development Plan aims for inclusive growth
Country has not been formulating yet a long-term goal that would help the country for future developments
It has a GDP per capita of $4,073
Sectors by its contribution to economy
Agriculture: 12.4%
Industry: 31.3%
Services: 56.4%
Full transcript