Brunei’s stagnant economy is ripe for change

Brunei’s post-pandemic recovery has been weaker than expected. The economy grew only marginally in 2023 — after contracting the previous two years — with the level of output lower than a decade ago. The economic stagnation raises questions about Brunei’s future prosperity. The hydrocarbon-based economic model, which has served the country well for decades, is ripe for change. 

Brunei’s economy has struggled to recover despite the country’s success in managing the COVID-19 pandemic. Growth has been…