Economic diversification in Brunei was adopted as a goal of national policy as early as the Second National Development Plan (1962-1966) and stated explicitly as a goal in the Third National Development Plan. Brunei’s failure to diversify – despite much effort and despite good governance. Despite considerable strengths and advantages, the fact is that Brunei has failed quite substantially in its efforts to diversify its economy. In terms of what drives the economy, it is still very much oil and gas directly or indirectly through government spending. When oil prices fall sharply, the economy weakens severely. This failure is not because of a lack of effort. There have been several efforts to diversify, especially since the late 1990s. Yet, there has been little progress in terms of projects that get off the ground or significant new engines of growth.
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