Improved domestic economy with ongoing FDI projects, says Brunei central bank

BANDAR SERI BEGAWAN (Borneo Bulletin/ANN): The International Monetary Fund (IMF) projected global growth for 2023 to be slower at 2.8 per cent compared to 3.4 per cent in 2022, before rising to three per cent in 2024, the Brunei Darussalam Central Bank (BDCB) noted in its Policy Statement 1/2023.

Meanwhile, the domestic economy contracted by 1.6 per cent in 2022, largely driven by a contraction in the oil and gas sector. The domestic economy is expected to improve this year mainly contributed by ongoing foreign direct investments projects.