Brunei Darussalam: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brunei Darussalam

September 20, 2021

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Brunei Darussalam: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brunei Darussalam, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Summary

Brunei’s economic performance—which was strong before the COVID-19 pandemic—has been buffeted by the health crisis and a pandemic-induced oil and gas price shock. The authorities responded fast and decisively. The number of new infections was quickly suppressed, thanks to a swift public health response, effective health measures and non-pharmaceutical interventions. Strong fiscal and regulatory policy responses helped sustain production and household income and consumption. Past diversification efforts and reforms bore fruit when it was most needed. As a result, the economy performed strongly in 2020, with real GDP posting positive growth of 1.1 percent—a rare outcome amidst negative growth in the region. Economic activity is projected to strengthen in 2021-22, albeit at varying speeds across sectors, and to continue improving over the medium term on the back of further diversification. The outlook is, however, subject to unusual uncertainty, with significant risks skewed to the downside. Sustained strong policy actions are needed to ensure continued resilience, while nurturing green, digital and inclusive growth.

Subject: COVID-19, Economic and financial statistics, Expenditure, Fuel prices, Government finance statistics, Health, International organization, Monetary policy, Oil prices, Prices

Keywords: Containment measure, COVID-19, Fuel prices, Global, Government finance statistics, Oil prices, Price shock, South Asia, Staff statement, Vaccination rate, Vaccine rollout

Publication Details

Pages:

73
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/214
Stock No:

1BRNEA2021001
ISBN:

9781513597102
ISSN:

1934-7685

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