Brunei Darussalam: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brunei Darussalam

International Monetary Fund

No 2023/346, IMF Staff Country Reports from International Monetary Fund

Abstract: The 2023 Article IV Consultation discusses that Brunei has begun to recover from the pandemic, with coronavirus disease 2019 (COVID-19) restrictions lifted and borders reopened in 2022. Brunei’s high vaccination rates have allowed for the removal of COVID-19 restrictions and reopening of borders; however, reduced oil and gas (O&G) production have undermined the recovery. The financial sector remains liquid and well capitalized. High fuel prices helped strengthen the fiscal and external positions in 2022. Inflation hit a historical high but has recently declined. The government is committed to diversifying toward a low-carbon economy. Growth in 2023 would remain negative due to extended O&G infrastructure maintenance, while non-oil sectors will contribute positively to growth, aiding diversification. Inflation is anticipated to moderate further. The overall fiscal and external positions are projected to weaken in 2023 and the medium term. Prioritize human capital development and digitalization, and strengthen the regulatory framework for public private partnership. Consider more extensive participation in regional trade and economic partnerships.

Keywords: Brunei Darussalam's authorities; authorities' effort; sector production; revenue diversification; government of Brunei; Government finance statistics; External sector statistics; Global (search for similar items in EconPapers)
Pages: 53
Date: 2023-10-06
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