Economic Overview Of Brunei

Oct 26,2007 00:00 by newsdesk

Brunei has one of the strongest and most stable economies in South East Asia, largely a result of its huge oil reserves. Oil was discovered in Brunei in 1929, and the country hasn’t looked back since then - so much so that the Sultan is ranked as the richest monarch in the world, and the people have one of the the highest per capita incomes in the world. In the recent past, in an effort to diversify the economy and to encourage private enterprise, the government has taken steps to promote non-oil based industries, most notably construction. Brunei has no foreign debt, and is an important international investor in its own right- quite creditable for a country so small. The GDP is at US$6 billion, GDP per head is US$15,800, annual growth rate is 2% and inflation is at 2%. Brunei's major trading partners are USA, Japan, the ASEAN countries, South Korea and Taiwan.