BANDAR SERI BEGAWAN, April 22 (Bernama-Xinhua) -- Brunei's economy is projected to grow 2.4 per cent in 2024 and 2.5 per cent next year, according to the latest report from the International Monetary Fund (IMF), reported Xinhua.
Brunei's economy is expected to maintain a positive growth trend, and is projected to reach a growth rate of 3.1 per cent 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 on Sunday.
The IMF said in its World Economic Outlook (WEO) report that the consumer price in Brunei will increase by 1.3 per cent in 2024, higher than in 2023, and is expected to decrease to 1 per cent 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 accounted for 47.4 per cent of Brunei's gross domestic product.
In recent years, Brunei has been actively developing its petrochemical and downstream industries, while encouraging the growth of industries such as information technology, agriculture, tourism, and international trade, to promote economic diversification.
-- BERNAMA-XINHUA
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