Brunei Darussalam Economy

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Brunei Darussalam is a state with an absolute monarchy government system currently headed by Sultan Hasanal Bolkiah. This small country has an area directly adjacent to Malaysia and is located on the island of Borneo. Although the total area and population of the country Brunei Darussalam small, but, this country entered the ranks of richest countries in Asia and the world.
Currently, most of the economy in Brunei Darussalam comes from oil and gas exports. The results of this export can fund a high standard of living for the population and make large investments abroad (oxfordbusinessgroup, 2016). Based on the oil and natural gas mining sector, Brunei's national income is among the highest in the world. The currency of this country is Brunei Dollar, which has a value almost equal to the Singapore Dollar.
In addition, the results of these exports may also provide subsidies across sectors related to wellbeings, such as health services, education services, housing, and rice.
There is a close relationship between the absolute monarchy political system and Brunei Darussalam's main resources, oil and gas. Almost all countries with major oil and gas resources will have a monarchy political system. For example Oman, Saudi Arabia, and Qatar. This political system supports government and state to maintain economic stability and situation in the country.
Although Brunei's economy is regarded as successful with the size of high GDP, it creates vulnerability to Brunei's future economic form. If only rely on oil and gas mining sector. Because if world oil prices fall, then, the economy in Brunei was threatened to be in trouble. Therefore, the government began to promote economic diversification through the development of industrial sectors, trade, services, and tourism. The government also promotes entrepreneurial programs and careers in the private sector as a work option. In addition, the government also began to reduce the tendency of people to work in the government sector, because it can make people too dependent on the government and can increase the unemployment rate.
One of Brunei Darussalam's major projects to improve economic diversification is the establishment of a bridge between Brunei Muara and Temburong Bridge to facilitate the transportation and traffic of goods, services, and residents. Through this project is also expected Brunei economy can be developed in eco-tourism, shrimp, and other agriculture.
In conclusion, Brunei is an absolute monarchy state in which all stays to one decision maker, including in the economic sector of society and country. To maintain the stability of the economy and reduce dependence on the mining sector, the government tried to initiate and promote the program of economic diversification. The success of this program also depends on the participation of the people of Brunei Darussalam itself.

References:
Oxford Business Group. (2016). Renewed Efforts Hydrocarbons and Petrochemicals Are Set to Boost Growth Rate.. Restricted April 11st, 2017 from https://www.oxfordbusinessgroup.com/overview/renewed-efforts-hydrocarbons-and-petrochemicals-are-set-boost-growth-rate
Oxford Business Group. (2016). Brunei Darussalam year in Review 2015. Restricted April 11st, 2017 from http://www.oxfordbusinessgroup.com/news/brunei-darussalam-year-review-2015

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