In its Brunei Economic Update August 2022 publication, the think tank said it has a “cautiously optimistic” outlook on growth, but warned of significant downside risks.
The downstream oil and gas sector will continue to drive economic growth as external demand rises, while the services sector is predicted to bounce back after full reopening of the economy.
Strong growth was reported in the manufacturing of petrochemical products in Q1 2022, and the start of Brunei Fertilizer Industries’ ammonia and urea production is forecast to increase revenue in the downstream sector.
Earlier this year, CSPS had projected that the sultanate would end its recession and record a positive growth of 3.7% in 2022.
Source: The Scoop
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October 18, 2022
