How is Brunei approaching its economic diversification?
Minister of Finance and Economy II, Minister at the Prime Minister’s Office and Chairman of Brunei Economic Development Board (BEDB), YB Dato Seri Setia Dr Hj Md Amin Liew Abdullah, sits down with Australian economist Professor Tim Harcourt to discuss Brunei’s Economic Blueprint, introduced in 2021.
The blueprint provides a strategic framework to realise the economic ambitions of Brunei’s national vision, Wawasan 2035: a dynamic and sustainable economy.
Though gradual, diversification efforts have begun to yield results by developing five priority sectors: downstream oil and gas, food, services, tourism and ICT.
Brunei’s GDP grew by 4.2% in 2024 — the highest in 25 years — with the non-oil and gas sector now accounting for 56.6% of GDP.
Non-oil and gas exports — primarily from the downstream sector — have risen from just 3% in 2017 to 61% in 2023.
This interview is part of the Airport Economist’s feature on Brunei, now streaming on tickernews.co, supported by the Australian High Commission to Brunei Darussalam, BEDB, Royal Brunei Airlines and the Empire Brunei.
