Brunei economy projected to grow by 2.1pc

2 August, 2019 12:00 AM printer

BANDAR SERI BEGAWAN: The ASEAN+3 Macroeconomic Research Office (AMRO), a regional research group, has forecasted a 2.1-percent growth for Brunei's economy in 2019, according to the latest update of the ASEAN+3 Regional Economic Outlook (AREO) released recently.

The report also projects the sultanate's economic growth for next year at 2.0 percent, due to the start of operations expected later this year for Hengyi Industries Sdn Bhd's oil refinery and petrochemical plant, a China-Brunei joint venture, as well as stronger foreign direct investment inflows, reports Xinhua.

AMRO said that major risks to Brunei's economy in the medium term will come mainly from domestic factors as a result of the country's high reliance on the oil and gas sector.