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from ECONOMIC OUTLOOK
Published online by Cambridge University Press: 21 October 2015
Brunei had a recorded population of about 406,200 (2009 government estimates; EIU 2010). Per capita constant GDP based on purchasing power parity (international dollars) was 47,200 in 2010 (IMF 2010).
Brunei Darussalam's economic growth prospects in 2011 and 2012 are expected to better the real GDP growth rate in 2010. Which is expected to grow by only 0.5 per cent. Higher real growth rates of above 1 per cent are projected during the forecast period, with inflation rates (average consumer prices) contained at 1.8 per cent in both 2011 and 2012. Unemployment is also not expected to exceed four per cent during the forecast period.
BRUNEI DARUSSALAM
• Pick-up in the global economy in 2010, with the recovery in the U.S., Japanese, EU, and ASEAN economies will have positive spillovers for Brunei Darussalam in 2011 and 2012.
• Despite falls in the current account and fiscal surpluses in 2008 and 2009 due to the global financial and economic crisis, the Bruneian economy has remained stable with its banking system intact.
• Real GDP for 2011 and 2012 is expected to be in positive territory.
• The strength of Brunei's recovery is however dependent on the extent of the global economic recovery as well as the attendant prices of oil and gas in 2011 and 2012.
Current account surpluses and fiscal surpluses, while positive, have fallen in 2008 and 2009, but are set to improve from 2010 onwards with higher oil and gas prices and a recovery in foreign asset prices. The current account balance is expected to be about US$5.183 billion in 2010, and US$5.438 billion and US$5.726 billion in 2011 and 2012 respectively.
Growth Forecast for 2011 and 2012
During the forecast period of 2011 and 2012, real GDP is expected to increase by 1.01 and 1.22 respectively (IMF 2010). Growth rates will be in the positive territory during the forecast period because of the earnings from the oil and gas sector, continuing development of Brunei's ecotourism industry, exports from the completed methanol plant project, and the continuing development of the Sungai Liang Industrial Park (SPark) project.
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