[St. Lucia, Qld.] : Dept. of Economics, University of Queensland, 1997.
Abstract
Like many Middle East economies, Brunei is an oil-rich rentier economy with a high degree of dependence on guest workers, concentration of employment of Bruneians in the public sector and with a high degree of specialisation in extractive production. Because its hydrocarbon reserves are diminishing, it faces the problem of how to sustain its income. The potential for it to do this by investing its rental income abroad and by diversifying its economy are discussed, and comparisons are made with oil-rich Middle East countries and MIRAB economies. Doubts are raised about industrial diversification as a suitable sustainable development strategy for Brunei. Expansion of service industries may offer better prospects. Brunei’s entry into APEC could limit its scope for adopting strategic policies to restructure its economy. Keywords: Brunei, development strategies, economic diversification, Malay Muslim Monarchy, oil-rich economies, rentier economies
