The book examines the nature of development and diversification in the oil and gas exports, development planners have sought to implement a range of strategies for diversifying the economy in order to secure sustainable levels of growth and development. As well as providing with an informed, up-to-date account of Bruneian economy and society, the book evaluates these strategies and assesses their impact on Brunei and on its place in Southeast Asia.
This book examines the nature of development and diversification in the small, oil-rich state of Brunei. With an economy highly dependent on oil and gas exports, development planners have sought to implement a range of strategies for diversifying the economy in order to secure sustainable levels of growth and development. As well as providing an informed, up-to-date account of Bruneian economy and society, the book evaluates these strategies and assesses their impact on Brunei and on its place in South-East Asia.
Eurasian economies have to become efficient more productive, job-creating, and stable. But efficiency is not the same as diversification. Governments need to worry less about the composition of exports and production and more about asset portfolios natural resources, built capital, and economic institutions.
countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment. Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles. Over-reliance on oil also exacerbates macroeconomic volatility. Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations. Macro-economic stability and supportive regulatory and institutional frameworks are key prerequisites for economic diversification...
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.
Despite ongoing efforts to find alternatives, oil is still one of the most critical—and valuable—commodities on earth. This two-volume set provides extensive background information on key topics relating to oil, profiles countries that are major producers and consumers of oil, and examines relevant political issues. Aside from air and water, oil is perhaps the most valuable natural resource. Oil supplies the tremendous energy needs of the modern world. What exactly is "oil," where does it come from, how does it get consumed, and who is using it? This encyclopedia provides clear answers to these questions and more, offering students entries on the fundamentals of the oil industry and profiles of the countries that play a major role in oil production and consumption. Volume 1 presents topical entries on critical concepts, key terms, major oil spills and disasters, and important organizations and individuals relating to the oil industry. Entries define terms such as "barrel" and "reserve," cover incidents such as the BP oil spill, and explain the significance of organizations such as OPEC. The second volume spotlights specific countries that are major producers, consumers, exporters, and importers of oil, from the United States to Russia to Saudi Arabia to Venezuela. Each profile shows readers the importance of oil in that country through a brief background history, data on its oil usage or production, information about major trading partners, and an explanation of political issues.
Brunei Darussalam is a small country located in Southeast Asia with a population of approximately 442,400 people. The country is situated on the northern coast of the island of Borneo and shares land borders with Malaysia. Brunei Darussalam has a rich history, with evidence of human activity dating back to the 6th century. The country was ruled by the Bruneian Empire from the 14th to the 16th century and later became a protectorate of the United Kingdom. Brunei achieved independence in 1984 and has since been governed as an absolute monarchy under the Sultan of Brunei. Brunei Darussalam has a thriving economy based primarily on the production of crude oil and natural gas. The country has one of the highest standards of living in Southeast Asia with a relatively low unemployment rate and a well-developed infrastructure. Despite its small size, Brunei Darussalam has a rich cultural heritage with a diverse population consisting of various ethnicities including Malays, Chinese, and indigenous groups. The country is known for its beautiful natural scenery, with pristine rainforests, white sand beaches, and breathtaking coral reefs. Brunei Darussalam is also home to a variety of unique flora and fauna, including the proboscis monkey and the carnivorous pitcher plant.
Oil to Cash explores one option to help countries with new oil revenue avoid the so-called resource curse: just give the money directly to citizens. A universal, transparent, and regular cash transfer would not only provide a concrete benefit to regular people, but would also create powerful incentives for citizens to hold their government accountable. Oil to Cash details how and where this idea could work and how policymakers can learn from the experiences with cash transfers in places like Mexico, Mongolia, and Alaska.
