Brunei’s economy has not grown much in recent years and still depends heavily on oil and gas. This makes the country’s income unstable because oil prices change often and reserves are shrinking. The government wants to reduce this risk by developing other industries like tourism, digital services, halal products, and finance. A national plan called Wawasan Brunei 2035 hopes to create a stronger and more diverse economy, with better education, infrastructure, and job opportunities. However, Brunei faces big challenges. The country has a small population, making its market limited. It also has high labor costs, many government rules, and not enough skilled local workers. These issues make it hard for new businesses to grow. For Brunei to succeed in the future, it must fix these problems and create new ways for people to earn a living beyond oil and gas. Without change, the economy may continue to struggle and fall behind other countries.
Pray for the economic diversification in Brunei. Pray for the authorities to work for the development of all sectors equally. (The Holy Bible, Job 12:13).
Pray for wise counsel for the authorities to come up with creative ways to stabilize Brunei’s economy. Pray for the success of the government’s efforts to improve the quality of life and livelihoods of its citizens (The Holy Bible, Psalm 118:25).
News Source: East Asia Forum, ASEAN Briefing
Image Source: Canva
