Brunei GDP to grow 2.5pc this year, 3pc in 2022 | Borneo Bul

Brunei GDP to grow 2.5pc this year, 3pc in 2022 | Borneo Bulletin Online


May 3, 2021
Azlan Othman
Brunei Darussalam’s economy is expected to strengthen in 2021 and 2022 on an improving external environment with a gross domestic product (GDP) growth of 2.5 per cent this year and three per cent next year, according to the Asia Development Bank (ADB) flagship economic publication, Asian Development Outlook (ADO) 2021, released recently.
Growth in 2021 will be supported by a recovery in global demand and higher oil and gas prices, which will boost government revenue and support government consumption. Private consumption is expected to grow as the economy continues to strengthen.
The GDP is forecast to rise in 2021 and 2022, supported by robust export growth from the Hengyi plant and higher oil and gas prices. But increased imports due to the plant’s expansion and continued demand for inputs will temper the trade and the current surpluses in both years.

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