The ASEAN-10

Summary

Brunei Darussalam

Brunei Darussalam's economic growth prospects in 2010 and 2011 will be slightly better than that in 2009. In 2009, real GDP is expected to grow by only 0.2 percent. This is because of the global slowdown and lower energy prices.

Brunei's major trading partners, the United States and Japan, are expected to recover from 2010 onwards, albeit only moderately after the global economic crisis, with the Bruneian economy is likely to follow suit also in achieving a modest economic pick up because of better export prospects.

BRUNEI DARUSSALAM

• The outlook looks challenging for Brunei Darussalam for 2010 to 2011, because of the global economic crisis in 2009 with only very gradual recovery in the U.S., Japanese, EU, and ASEAN economies the next two years ahead.

• Oil prices have fallen in the first three quarters 2009 because of the global downturn. Moderately increasing energy prices from 2010 are however expected to improve Brunei Darussalam's growth prospects in 2010 and 2011.

• Economic diversification is continuing and would help to safeguard the country's growth prospects in the years ahead.

• The China-ASEAN Free Trade Area would also help to bolster Brunei's trade prospects and economic development.

Latest Available Demographic and Economic Data

Brunei had a recorded population of about 401,000 as at mid-2009. Inflation stood at 1.2 per cent. Per capita constant GDP based on purchasing power parity (international dollars) was 50,102 in 2009.

Brunei's literacy rates are among the highest in ASEAN with an adult literacy rate of 96.5 per cent for males and 93.1 per cent for females in 2007. Brunei is ranked twenty-sixth best in terms of the Human Development Index, the highest in Southeast Asia.

Growth Forecast for 2010 and 2011

During the forecast period of 2010 and 2011, real GDP is expected to increase by 0.595 and 1.257 per cent respectively. This is based on the IMF, World Economic Outlook Database in October 2009.