This Open Access edited collection is the first volume dedicated to the economic development of Brunei Darussalam since 1994. It brings together contributions from Bruneian researchers, locally and internationally, to confront current issues related to the economy of Brunei. It traces its journey from an exclusively oil-producing country to a more diversified economy. The work posits that being resource-rich is not always a curse, although it does present numerous obstacles that need to be overcome in order to build a private sector in which new manufacturing and services activities can flourish. The book examines the benefits of trade and regional integration for economic development, and the importance of financial deepening. It shows that the banking sector can play a better role in financial intermediation to finance economic diversification, and emphasises the necessity to create a capital market to mitigate risks. It looks at long-term demographic trends in Brunei, such as the rise of a young and more educated labour force, the access of women to work, and the contribution of migrant workers to growth. It addresses some of the challenges that the economy of Brunei will have to solve. The book does not purport to provide definitive answers, but it unpacks potential solutions. Of interest to researchers focused on Brunei, its society, and economy, this exciting collection is also relevant to scholars studying other resource-rich countries and related social and economic developments.

Examines current issues of economic development in Brunei Questions the resource curse versus the resource blessing in the context of small state development Traces its journey from an exclusively oil-producing country to a more diversified economy Is an open access book, which means that you have free and unlimited access

Autorentext

Ahmed M. Khalid is an Adjunct Professor and former Dean of UBD School of Business and Economics, Universiti Brunei Darussalam and Visiting Professor at the Department of Economics, Lahore University of Management Sciences, Pakistan. He holds a PhD in economics from Johns Hopkins University, USA. He previously worked at Bond Business School, Bond University, Australia, and the National University of Singapore. He has considerable experience of working as a consultant with the World Bank and as an adviser to the Ministry of Planning Development and Special Initiatives, Pakistan, as well as visiting appointments at various academic and research institutions. He is the editor-in-chief of Journal of Business and Economic Analysis and associate editor of The Singapore Economic Review and member of the editorial boards of several regional and international journals. His publications include five books, several refereed journal articles, chapters in books and numerous consultancy/project reports, technical reports, working papers and conference papers. His most recent publication, as coeditor, is Economic integration among D-8 Muslim countries (2023).

Bruno Jetin is currently an Associate Professor at the Faculty of Law, Politics and Social Sciences, Université Sorbonne Paris Nord, France, and he holds a PhD in economics from the same university. He was previously an Associate Professor and former Director of the Institute of Asian Studies, Universiti Brunei Darussalam. His current work focuses on the geopolitics of electric batteries, corruption and foreign direct investment, income distribution and growth in Asia, and the Belt and Road Initiative. His recent publications include: Wage-led demand as a rebalancing strategy for economic growth in China. Journal of Post Keynesian Economics 43(3) (2020, with Luis Reyes-Ortiz); Electric batteries and critical materials dependency: A geopolitical analysis of the USA and the European Union. International Journal of Automotive Technology and Management 23(4) (2023); and, The effect of corruption on foreign direct investment at the regional level: Positive or negative relationship? In Corruption and illegality in Asian investment arbitration, ed. Nobumichi Teramura, Luke Nottage and Bruno Jetin (2024, with Jamel Saadaoui and Haingo Ratiarison).

Inhalt

Chapter 1 Introduction: Brunei Darussalam's EconomyTransition towards Development.- Chapter 2 Brunei Darussalam's Economic Diversification Drive: An Assessment of the Socioeconomic and Geopolitical Issues and Challenges. Overcoming Path Dependence?.- Chapter 3 Natural Resource Rents and Economic Development: Evidence from Brunei Darussalam.