[Post 871] How This Small Oil-Rich Nation Is Preparing Its Economy For A Future Beyond Oil | Insight | Brunei

Summary

Brunei is currently undergoing a period of profound economic transformation, as declining oil revenues place mounting pressure on its fossil fuel dependent economy. In 2024, oil and gas revenue dropped to BND 2.6 billion, less than half of the BND 5.4 billion recorded in 2023.

The government is diversifying the economy under with its “Wawasan Brunei 2035” project, also known as Brunei Vision 2035. It is a long-term plan aimed at ensuring sustainable growth of its economy. Central to this strategy is attracting foreign direct investment, to help grow industries beyond oil and gas. But as oil revenues decline, will Brunei have to cut back on its generous government subsidies and benefits? Can Brunei accomplish this in the next 10 years? How will Vision 2035 secure a prosperous future for the country’s 444,000 citizens in a post-oil era?