Analysis by Region - Emerging Markets - Brunei
After contracting 1.6% in 2022, Brunei's economy is expected to expand by 3.3% in 2023 and 3.2% in 2024 due to higher investment spending, bringing GDP back to its pre-pandemic level. Investment will focus on the expansion of petrochemical plants, raising capacity on ports, and the fertiliser industry. Strong exports of downstream petrochemicals and fertilisers alongside the elevated oil price will support GDP growth. Headwinds to the outlook include maintenance work on old oil pipelines, a tense geopolitical situation, high inflation, a global economic downturn, and volatile commodity prices.
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