IMF: Brunei's Economy to Grow 2.4 Percent in 2024
Brunei's economy is expected to maintain a positive growth trend, with the economy projected to reach a growth rate of 3.1 percent by 2029. The sultanate experienced negative growth in 2021 and 2022, but successfully achieved positive growth in 2023, local daily Borneo Bulletin quoted the IMF report.
The IMF said in its World Economic Outlook (WEO) report that the consumer price in Brunei will increase by 1.3 percent in 2024, higher than 2023, and is expected to decrease to 1 percent in 2025.
Located in the northern part of the Borneo island in Southeast Asia, Brunei is rich in natural resources such as oil and gas. By 2023, the oil and gas industry is accounted for 47.4 percent of Brunei's gross domestic product.
In recent years, Brunei has been actively developing its petrochemical and downstream industries, while also encouraging the growth of industries such as information technology, agriculture, tourism and international trade, in an effort to promote economic diversification.
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