People walk next to food stalls near Sultan Omar Ali Saifuddien Mosque in Brunei on Borneo island on January 10, 2024. - AFP
BANDAR SERI BEGAWAN (Borneo Bulletin/ANN): Brunei Darussalam has been placed 43rd in the Heritage Foundation’s world economic freedom index this year.
The 2024 Index of Economic Freedom recorded Brunei’s overall score as 65.9, indicating it as a moderately free country in the index.
The index includes 12 aspects of economic freedom measured and grouped into “four broad pillars” – the rule of law (property rights, judicial effectiveness, and government integrity); government size (tax burden, government spending, and fiscal health); regulatory efficiency (business freedom, labour freedom, and monetary freedom); and market openness (trade freedom, investment freedom, and financial freedom).
The Sultanate scored 68.8 on property rights with judicial effectiveness at 52.3, government integrity at 59.8 and tax burden at 95.8.
Government spending scored 73.7, fiscal health at 20, business freedom at 76.5, labour freedom at 75.2, monetary freedom at 68.9, trade freedom at 84.8, investment freedom at 65 and financial freedom at 50. The Sultanate’s rating increased by 0.2 points from last year, and ranking eighth out of 39 countries in the Asia-Pacific region and with an economic freedom score higher than the world and regional averages.
“Brunei’s economy continues to maintain a relatively high degree of market openness that facilitates trade and investment. The legal system generally secures private property and macroeconomic stability,” the report said.
“The investment environment is relatively efficient and transparent, although the regulatory framework needs to be more streamlined to enhance overall economic competitiveness.”
The report also said that oil and gas production provides 90 per cent of government revenue and more than half of gross domestic product.
Globally, Singapore came in first with 83.5 points, surpassing Switzerland at 83 and Ireland at 82.6.
The world economic freedom index has compiled data containing economic policies and conditions from 184 sovereign countries from July 1, 2022, through June 30, 2023. – Borneo Bulletin/ANN
