Brunei Darussalam is a small, relatively open economy in which trade and foreign direct investment play vital roles. With one of Asia’s highest per capita incomes, of $37,000, Brunei owes its prosperity mainly to its abundant oil and natural gas resources and is the fourth-largest oil producer in Southeast Asia. Oil revenues account for around 62 percent of GDP and are the source of 90 percent of government revenues.
Estimates of how long Brunei’s proven petroleum reserves will last at current rates of extraction vary from 10 to 25 years; gas reserves are widely estimated to last for up to another four decades.
The Government’s 10th National Development Plan has been encouraging economic diversification through the expansion of agriculture and manufacturing industry.
The development of services, particularly those with the potential to achieve growth, such as business services; financial services; hospitality and tourism; and transport and logistics are of special interest.