Brunei Darussalam is poised for economic growth, with the latest quarterly outlook from the ASEAN+3 Macroeconomic Research Office (AMRO) projecting a 1.1 per cent growth for 2023 and an expected 2.0 per cent growth in 2024.
This upward revision comes as a result of AMRO’s October quarterly update of the 2023 ASEAN+3 Regional Economic Outlook (AREO), which increased the Sultanate’s growth forecast from its previous estimate of 1.0 per cent made in July.
In addition to the growth forecast adjustments, AMRO also revised Brunei’s inflation outlook.
For 2023, the inflation forecast was raised to 1.0 per cent, up from the previous estimate of 0.9 per cent, while the 2024 inflation outlook was increased to 1.1 per cent.
The report highlighted that despite a less optimistic global economic outlook for the following year, the region’s growth will be bolstered by an expected turnaround in manufacturing exports and improved growth momentum in China.
The broader ASEAN+3 region is projected to grow by 4.3 per cent in 2023, slightly down from the 4.6 per cent projection in July. The dip is primarily attributed to weaker-than-expected growth in China during the second quarter of the year.
Source: Borneo Bulletin
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October 30, 2023
