KEBERGANTUNGAN KEPADA SUMBER MINYAK,†MAMPUKAH NEGARA BRUNEI DARUSSALAM MEMPELBAGAIKAN EKONOMINYA DEPENDENCY ON OIL RESOURCES,†CAN BRUNEI DIVERSIFY ITS ECONOMY?
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Abstract
Brunei’s economy is heavily dependent on exports of crude oil and natural gas which comprise 80 percent of the government revenue. The country’s manufacturing sector is very small while a wide variety of items are imported. This explains why other sectors, including manufacture sector in Brunei are not developing. In many countries in Southeast Asia namely, Singapore, Malaysia, Thailand and Indonesia, manufacture sector plays a crucial role in their economic development. The first part of this article will discuss the economy development of Brunei in general which
propelled by various development plans. The main focus of these plans is to diversify Brunei’s economy away from heavily dependent on oil and natural gas as the primary source of revenue. Apart from that, the government has promoted Brunei as an investment destination in the process of diversifying the economy. Finally, the article will end by analyzing the future of Brunei which lies on the diversification of its economy.
Keywords: Economy, export, diversification, development and revenue
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