scholarly journals Brunei Darussalam in 2016

Asian Survey ◽  
2017 ◽  
Vol 57 (1) ◽  
pp. 199-205 ◽  
Author(s):  
Dominik M. MÜLler
Keyword(s):  
Budget Deficit ◽  
Oil And Gas ◽  
Legal Reform ◽  
Economic Diversification ◽  
Government Institutions ◽  
Brunei Darussalam

Brunei continued in 2016 to suffer from declining oil and gas prices. The budget deficit grew. The Sultan made economic diversification and “prudent spending” the year’s central political themes. He criticized several government institutions during “surprise visits” and sharply attacked the Ministry of Religious Affairs for “delaying” the full enforcement of an Islamic legal reform.

scholarly journals Development and Growth through Economic Diversification: Are there Solutions for Continued Challenges Faced by Brunei Darussalam?

2012 ◽  
Vol 4 (7) ◽  
pp. 397-413 ◽  
Author(s):  
Shamim Ahmad Siddiqui
Keyword(s):  
Private Sector ◽  
Labor Force ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Economic Diversification ◽  
Gas Industry ◽  
Continuous Increase ◽  
Rate Of Growth ◽  
Brunei Darussalam ◽  
The Government

Since its independence in 1984, the government of Brunei Darussalam has made economic diversification as its prime economic agenda to decrease its heavy dependence on oil and gas industry. The oil and gas industry has significantly contributed in the present level of economic prosperity of this small nation of 0.4 million people. However, being a very capital intensive industry it offers few job opportunities. The majority of the local population relies on better paid government jobs in the non-oil sector. As the rate of growth of new employment opportunities created in the public sectors remains far lower than the rate of growth of local labor force, more and more people must be employed by the private sector. However, a small private sector largely consisting of small service enterprises paying lower wages fails to attract local labor force. The result is a continuous increase in the rate of unemployment among locals now standing at over 12%. This paper will review government’s efforts in diversifying its economy to reduce its vulnerability in revenue generation and create jobs for its increasing labor force. Based on a review the paper will suggest some possible solutions that could be considered by the government and the civil society of Brunei Darussalam.

scholarly journals Brunei Darussalam

2019 ◽  
Vol 19 (310) ◽  
Author(s):  
Keyword(s):  
Oil And Gas ◽  
Intergenerational Equity ◽  
Fiscal Sustainability ◽  
Medium Term ◽  
Economic Diversification ◽  
Investment Projects ◽  
Brunei Darussalam ◽  
Large Investment

Brunei Darussalam’s economy has been adjusting to the lower oil and gas (O&G) prices since 2014, with the authorities undertaking wide-ranging reforms. The reforms aim to ensure long-term fiscal sustainability and intergenerational equity, and to foster economic diversification. Growth is expected to pick up in 2019, with the outlook improving further over the medium term, driven by expansion in the O&G sector and large investment projects. Nonetheless, lower-than-expected O&G prices or production would reduce fiscal revenues and exports, with significant spillovers to the non-O&G sector.

Economic Diversification, Homogeneity of Interests, and the Impartiality of Government

2021 ◽  
pp. 377-398
Author(s):  
Petrus Olander
Keyword(s):  
Political Theory ◽  
Institutional Reform ◽  
Scholarly Work ◽  
Economic Activities ◽  
Economic Diversification ◽  
Political Processes ◽  
Government Institutions ◽  
Competing Interests ◽  
Sectoral Structure ◽  
Government Power

Can economic diversification constrain elites from shaping government institutions to their own advantage? This chapter reviews scholarly work that suggests it can. Elites frequently use government institutions to cement their position and enrich themselves at the expense of others, but to overcome opposition to their own advancement they must form coalitions. The ability to form coalitions is conditioned by the compatibility of underlying interests; the more diverse the economy, the less cohesive the underlying interests are, making it harder for the elites to form collusive coalitions. This chapter outlines political theory and recent research on the role played by diverse and competing interests in shaping the exercise of government power, democratization, and institutional reform. Considering the sectoral structure of the economy can help us better understand ongoing economic and political processes such as reconcentration of economic activities, the position of transient labor, and state-led efforts for economic diversification.

The Role of Natural Resources

2019 ◽  
pp. 39-66
Author(s):  
Richard Pomfret
Keyword(s):  
Natural Resources ◽  
Central Asia ◽  
Oil And Gas ◽  
Resource Curse ◽  
First Century ◽  
Economic Diversification ◽  
Commodity Export ◽  
Twenty First Century

This chapter examines the characteristics of the natural resources that are important for Central Asia. At independence, cotton was the most important commodity export from Central Asia, but cotton did not share in the commodity boom, never repeating the 1995 peak price of over a dollar per pound. In the twenty-first century, cotton has been displaced by oil and gas and minerals. However, all the governments have shown concern about ongoing dependence on primary product exports, whose importance increased after independence despite plans for economic diversification. The chapter then reviews the resource curse literature that highlights why primary product dependence may be harmful. Resource curse outcomes are not inevitable, but resource-abundant countries do face significant obstacles if they want to avoid such an outcome.

The Whole-of-Nation Approach

2021 ◽  
pp. 291-309
Author(s):  
Abdul Malik Omar
Keyword(s):  
Industrial Revolution ◽  
Oil And Gas ◽  
Body Politic ◽  
Political Stability ◽  
Small Population ◽  
The Body ◽  
Policy Recommendations ◽  
Brunei Darussalam ◽  
The Government ◽  
Formal And Informal Sectors

Microstates face innumerable challenges in braving the 21st century. Limited resources, a small geography, and a small population are just some of the constraints faced. None is more so pressing that the case of Brunei Darussalam, where its heavy reliance on Oil and Gas may have afforded it economic prosperity and political stability since its independence in 1984, but the changes in market structure and global forces have resulted in it facing serious issues, such as its increasing unemployment rate. The Government of Brunei have taken steed in the advice of Sultan Haji Hassanal Bolkiah to unify the body politic through the “Whole-of-Nation” approach and bring about the harmonious constellation of state actors and non-actors, from both the formal and informal sectors, to realizing the country's ambitious Wawasan 2035 and to adapt to the 4th Industrial Revolution. This work will unpack whether the Government has been successful in its efforts to do so. Policy recommendations will also be presented.

scholarly journals Economic Diversification Potential in the Rentier States Towards for a Sustainable Development: A Theoretical Model

2019 ◽  
Vol 11 (3) ◽  
pp. 911 ◽  
Author(s):  
Abdullah Kaya ◽  
Evren Tok ◽  
Muammer Koc ◽  
Toufic Mezher ◽  
I-Tsung Tsai
Keyword(s):  
Theoretical Model ◽  
Global Economy ◽  
Oil And Gas ◽  
Economic Value ◽  
Optimal Level ◽  
Domestic Economy ◽  
Rentier State ◽  
Economic Diversification ◽  
The Status ◽  
Rentier States

This paper develops a theoretical model to analyze whether a rentier state can diversify its economy away from the rent revenue and hence sustain the economic development and preserve the status-quo. Considering the decarbonization process of the global economy and rapidly fall in economic value of hydrocarbons in the face of the supply glut, rentier states depending on oil and gas revenues urgently need to diversify their economies to avoid social backlash and political upheaval. There are three intertwining factors that determine an effective economic diversification away from the rent revenue: The profitability of non-rentier sectors, the size of the domestic economy to induce a “Big Push” for industrialization to non-rentier sectors, and the level of economic inclusivity. For an optimal level of economic diversification in a rentier state: (1) Non-rentier sectors should be attractive to private agents without the entry barriers; (2) domestic economy should be large enough to induce investment into non-rentier sectors; (3) the ruler(s) should have sufficient tolerance (inclusivity) for private agents investing into non-rentier sectors. Our findings indicate that a rentier state can achieve an optimal level of economic diversification provided that the conditions above are met even without any political change.

New tax law will help US energy sector

2018 ◽  
Keyword(s):  
Budget Deficit ◽  
Oil And Gas ◽  
Energy Sector ◽  
Tax Law ◽  
Short Term ◽  
Content Type ◽  
Oil Drilling ◽  
Oil And Gas Exploration ◽  
The Us ◽  
Tax Cuts

Subject Oil drilling in Alaska and the energy sector under the new US tax laws. Significance Speaking to reporters on January 16, Senator Lisa Murkowski (Republican, Alaska), said that she wants to seek a new bill that would promote further environmental protections in what is known as the 1002 Area. The 1002 Area is in Alaska’s Arctic National Wildlife Refuge (ANWR) and was opened for oil and gas exploration and drilling when President Donald Trump signed into law the Republicans’ tax reform bill on December 22 last year. Impacts Shareholders in refiners could see strong returns as the tax cut windfall is funnelled into higher dividends and share buybacks. If the tax cuts spur stronger short-term economic growth, US oil demand should accelerate, a bullish indicator for oil prices. If the tax cuts increase the US budget deficit, subsidies for the energy sector could be revisited.

scholarly journals The Existence of the State of Brunei Darussalam in Advancing Education, Economy and Social Governance “Learning Reflections at the Sultan Syarif Ali University UNISSA Brunei Darussalam”

2020 ◽  
Vol 1 (2) ◽  
Author(s):  
Sumarto Sumarto ◽  
Emmi Kholilah Harahap ◽  
Ilham Dwitama Haeba
Keyword(s):  
Religious Education ◽  
Oil And Gas ◽  
The State ◽  
Tertiary Level ◽  
Economic Sector ◽  
Developed Country ◽  
Good Education ◽  
Brunei Darussalam ◽  
Social Governance ◽  
Education Process

As a prosperous and developed country, of course the State of Brunei Darussalam has implemented a very good education, economy and government system in accordance with the state ideology that is firmly held, namely Malay Islam Beraja (MIB). In the aspect of education, socio-economics and leadership in Brunei Darussalam embody Islam that is Rahmatan lil alamin according to the explanation we have conveyed. Education in Brunei Darussalam is characterized by the dominance of Islamic Religious Education which is specifically managed by Kesultanana in the Haji Sultan Hassanal Bolkiah Foundation (YSHHB) as well as at the tertiary level such as at UBD (Universiti Brunei Darussalam), KUPU (Kolej Universiti Perguruan Ugama) Seri Begawan and UNISSA (Sultan Sharif Ali Islamic University).The Sultanate government as fully responsible for the education process also integrates Islamic religious education with science, where according to the teachings in the Qur'an and Hadith, all have a connection and are beneficial to humans. Likewise with progress in the economic sector, where the State of Brunei Darussalam is a producer of oil and gas in Southeast Asia and even globally, which supports the welfare of its people. A government system that continues to maintain security and stability by adhering to the MIB ideology, carrying out Islamic teachings very well, this can be seen from every policy and regulation delivered by the Sultanate.

scholarly journals Attaining Oil and Gas Sovereignty by Forming Indonesia Incorporate Businesses

2020 ◽  
Vol 4 (1) ◽  
pp. 23
Author(s):  
Yoga Partamayasa ◽  
Rafiqi Anjasmara
Keyword(s):  
Natural Resources ◽  
Oil And Gas ◽  
Legal Reform ◽  
The State ◽  
High Income ◽  
The Other ◽  
The Earth ◽  
Other Hand ◽  
The People ◽  
Very High

<p>Oil and gas are non-renewable types of natural resources. On the other hand, in the current era human dependence on oil and gas is very high. To meet Indonesia's national needs for natural resources, Article 33 of the Indonesian Constitution has mandated that "the earth, water and natural resources contained therein be controlled by the state for the greatest prosperity of the people." But in its development the distribution of welfare over natural resources, especially oil and gas, has not been able to be well distributed in Indonesia. The "Jakarta Sentris" concept is still the basis for distributing natural resources, especially oil and gas. This makes regions that are rich in natural resources not necessarily have prosperous people and not necessarily high-income areas. Therefore, legal reform is needed in the field of oil and gas management by regions in Indonesia.</p>

scholarly journals Oil price and urgency towards economic diversification through effective reforms and policies in Caspian Basin

2020 ◽  
Vol 7 (3) ◽  
pp. 305-315
Author(s):  
Tahira Yasmin ◽  
Ghaleb A. El Refae ◽  
Shorouq Eletter
Keyword(s):  
Oil And Gas ◽  
Negative Impact ◽  
Price Change ◽  
Policy Instruments ◽  
Value Added ◽  
Sustainable Growth ◽  
Oil Price ◽  
Caspian Basin ◽  
Economic Diversification ◽  
Oil Revenues

This paper highlights that oil price fluctuations cast negative impact on oil exporting economies of Caspian Basin namely as; Azerbaijan, Kazakhstan and Russia. These resource abundant economies faced revenue contraction and dwindling budget expenditures due to oil price change. To justify underlined reasons, current study examined export and economic diversification analysis for all three economies. It can be concluded that these countries unable to achieve economic diversification due to over dependence on oil revenues. Most of the export oriented sectors consists of minerals, oil and gas by neglecting the more sustainable growth of non-resource tradable sectors. As a result, these countries have huge share in exports mainly as natural resources. In terms of economic diversification which is based on sectoral value added also indicates that these countries are showing some signs of diversity but still  there is need to have structural reforms and policy instruments to diversify their revenue stream.

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