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COUNTRY REPORT OF THE ASEAN ASSESSMENT ON THE SOCIAL IMPACT OF THE GLOBAL FINANCIAL CRISIS: BRUNEI DARUSSALAM

COUNTRY REPORT OF THE ASEAN ASSESSMENT ON THE SOCIAL IMPACT OF THE GLOBAL FINANCIAL CRISIS: BRUNEI DARUSSALAM

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Published by ASEAN
COUNTRY REPORT OF THE ASEAN ASSESSMENT ON THE SOCIAL IMPACT OF THE GLOBAL FINANCIAL CRISIS: BRUNEI DARUSSALAM

with the support of:

This volume is a product resulting from a project jointly implemented by the staff of the International Bank for Reconstruction and Development/ the World Bank and the ASEAN Secretariat, with financial support of the Australian Government. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive D
COUNTRY REPORT OF THE ASEAN ASSESSMENT ON THE SOCIAL IMPACT OF THE GLOBAL FINANCIAL CRISIS: BRUNEI DARUSSALAM

with the support of:

This volume is a product resulting from a project jointly implemented by the staff of the International Bank for Reconstruction and Development/ the World Bank and the ASEAN Secretariat, with financial support of the Australian Government. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive D

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Published by: ASEAN on Nov 01, 2012
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COUNTRY REPORT OFTHE ASEAN ASSESSMENT ONTHE SOCIAL IMPACT OFTHE GLOBAL FINANCIAL CRISIS:BRUNEI DARUSSALAM
with the support of:
 
i
This volume is a product resulting rom a project jointly implemented by the sta o the International Bank or Reconstruction and Development/ the World Bank and the ASEAN Secretariat, with nancial support o the Australian Government. The ndings, interpretations, and conclusionsexpressed in this paper do not necessarily refect the views o the Executive Directors o the World Bank, the governments they represent, the ASEANSecretariat, the Australian Government and/or ASEAN Member States. The World Bank, the ASEAN Secretariat and the Australian Government donot guarantee the accuracy o the data included in this work. The boundaries, colors, denominations, and other inormation shown on any map in this work do not imply any judgment on the part o the World Bank concerning the legal status o any territory or the endorsement or acceptanceo such boundaries.
 
1
I. Impact o Recent cRIses and the GoveRnment’s Response
 
ei  i Bri dr i i 2008, wi  -rg r  ri ig i r r  i  g r,  ri r 2009 r  w grw (0.2 r  Gdp). RGdp grw i 2008 i i   b -1.5 r,  fr i ri i Bri dri 2000.
While growth in both the energy sector and non-energy sector slowed down, the overall economiccontraction is largely due to the plummeting revenues rom the oil and energy sector, which accounts or two- thirds o the country’s total GDP and which declined by -5.1 percent in 2008 (IMF, 2009). The non-energy sector hasbeen growing aster than the energy sector during most o the past seven years. From 2002 to 2007, the averagereal growth rate o the non-energy sector was 4.3 percent, which was 4.7 percentage points higher than the energysector. In 2008, the real growth rate o the non-energy sector was 2.1 percent. Projections or 2009 are o 0.2percent GDP growth (IMF, 2009). 
t i   gb fi rii   b xri    i xr  r Bridr’ xr, rir i  rg r.
In the third quarter o 2008, exports o crude oil and gasaccounted or 98 percent o total export value. However, Brunei Darussalam’s economy has always been vulnerable to fuctuations in oil prices, and despite the noticeable slowdown, Brunei Darussalam has not allen into a ull-fedged crisis. 
i r i x  r ri, b  r    r  r   r.
For 2009, total revenue is estimated to be B$8.7 billion, 26 percent lower than in 2008 (IMF, 2009)due to lower global oil prices. As a result, the government is expecting to have a rare budget decit in scalyear 2009/10 (April-March). However, revenue surpluses rom when the price o oil was high have enabled thegovernment to maintain the previously allocated development budget. The budget allocated to the social servicessector represents the largest share (30.2 percent) o the 2009/2010 development budget.

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