Brunei's economy needs to be resilient to face global challenges, says economic minister

BANDAR SERI BEGAWA (Xinhua): Mohd Amin Liew, Brunei's Minister at the Prime Minister's Office and Second Minister of Finance and Economy, emphasised the critical importance of not only diversifying and sustaining Brunei's economy, but also making it resilient in the face of global economic challenges, a local newspaper reported on Thursday.

According to the country's biggest daily Borneo Bulletin, the minister said during a press event that despite a notable recovery in 2022 from the Covid-19 pandemic, uncertainties persist in 2023 due to factors such as slowing economic growth, emergence of Covid-19 variants, extreme weather events and persistent inflation.

He said that although inflation has receded and stabilized, it remains above pre-pandemic levels.

"This fact underscores the urgency for Brunei's economy not only to be diverse and sustainable but also fundamentally resilient."

The minister commended the efforts of the Brunei government on various fronts and noted that the country has achieved positive results.

In the first quarter of 2023, Brunei's economy achieved a positive growth of 0.8 percent, mainly due to the significant expansion of the non-oil and gas sector, at 6.2 percent.

He affirmed that the Brunei government is committed to further economic activities and investments in several priority sectors to boost overall industrial and economic growth. - xinhua