IMF confident Brunei's economy will continue growing well at least until 2029


BANDAR SERI BEGAWAN (Xinhua): The Brunei's economy is projected to grow 2.4 per cent in 2024 and 2.5 per cent next year, according to the latest report from the International Monetary Fund (IMF).

Brunei's economy is expected to maintain a positive growth trend, with the economy projected to reach a growth rate of 3.1 percent by 2029. The sultanate experienced negative growth in 2021 and 2022, but successfully achieved positive growth in 2023, local daily Borneo Bulletin quoted the IMF report on Sunday.

The IMF said in its World Economic Outlook (WEO) report that the consumer price in Brunei will increase by 1.3 percent in 2024, higher than 2023, and is expected to decrease to 1 percent in 2025.

Located in the northern part of the Borneo island in Southeast Asia, Brunei is rich in natural resources such as oil and gas. By 2023, the oil and gas industry is accounted for 47.4 percent of Brunei's gross domestic product.

In recent years, Brunei has been actively developing its petrochemical and downstream industries, while also encouraging the growth of industries such as information technology, agriculture, tourism and international trade, in an effort to promote economic diversification. Enditem

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Aseanplus News

Malaysian restaurant whose owner has never visited the country gets Michelin star
UN issues further ‘atrocities’ warning
Agriculture chief removed amid graft probe
Fifth round of epic elections starts
Saudi prince’s visit postponed over King Salman’s health
Selecting nation’s new Senate
South poses problem to Modi’s plan
South Korea, Britain host AI summit with safety top of agenda
Playground for money launderers
New president takes office

Others Also Read