{
  "title": "Brunei Darussalam: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brunei Darussalam",
  "publication": "IMF Staff Country Reports, September 20, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/09/16/brunei-darussalam-2021-article-iv-consultation-press-release-staff-report-and-statement-by-465885",
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  "summary": "Brunei’s economic performance—which was strong before the COVID-19 pandemic—has been buffeted by the health crisis and a pandemic-induced oil and gas price shock. The authorities responded fast and decisively.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Brunei’s economic performance, which was strong before the COVID-19 pandemic, was buffeted by the health crisis and a pandemic-induced oil and gas price shock.\n- Authorities responded fast and decisively with a swift public health response, effective health measures, and non-pharmaceutical interventions that quickly suppressed the number of new infections.\n- Strong fiscal and regulatory policy responses helped sustain production, household income, and consumption.\n- Past diversification efforts and reforms contributed to resilience when most needed.\n- As a result, the economy performed strongly in 2020, with real GDP posting positive growth of 1.1 percent—a rare outcome amidst negative growth in the region.\n- Economic activity is projected to strengthen in 2021-22, at varying speeds across sectors, and to continue improving over the medium term on the back of further diversification.\n- The outlook is subject to unusual uncertainty, with significant risks skewed to the downside.\n- Sustained strong policy actions are needed to ensure continued resilience while nurturing green, digital, and inclusive growth."
    },
    {
      "heading": "Economic performance and projections",
      "content": "- 2020: real GDP growth of 1.1 percent.\n- 2021-22: economic activity projected to strengthen (sectoral speeds will vary).\n- Medium term: continued improvement expected, supported by further diversification.\n- Outlook: subject to unusual uncertainty; significant downside risks."
    },
    {
      "heading": "Policy response and recommendations",
      "content": "- Public health: rapid suppression of new infections through swift public health response, effective health measures, and non-pharmaceutical interventions.\n- Fiscal and regulatory policy: strong responses helped sustain production and household income and consumption.\n- Structural policy emphasis: sustain strong policy actions to preserve resilience and promote green, digital, and inclusive growth.\n- Diversification: continue reforms and diversification efforts to support medium-term recovery."
    },
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      "heading": "Risks and uncertainties",
      "content": "- The macroeconomic outlook carries unusual uncertainty.\n- Significant risks are skewed to the downside.\n\n---\n\n Content in this bundle\n\n- 1brnea2021001\n  - 1brnea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1brnea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 20, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513597102.002",
    "Brunei’s economic performance, which was strong before the COVID-19 pandemic, was buffeted by the health crisis and a pandemic-induced oil and gas price shock.",
    "Authorities responded fast and decisively with a swift public health response, effective health measures, and non-pharmaceutical interventions that quickly suppressed the number of new infections.",
    "Strong fiscal and regulatory policy responses helped sustain production, household income, and consumption.",
    "Past diversification efforts and reforms contributed to resilience when most needed.",
    "As a result, the economy performed strongly in 2020, with real GDP posting positive growth of 1.1 percent—a rare outcome amidst negative growth in the region.",
    "Economic activity is projected to strengthen in 2021-22, at varying speeds across sectors, and to continue improving over the medium term on the back of further diversification.",
    "The outlook is subject to unusual uncertainty, with significant risks skewed to the downside.",
    "Sustained strong policy actions are needed to ensure continued resilience while nurturing green, digital, and inclusive growth.",
    "2020: real GDP growth of 1.1 percent.",
    "2021-22: economic activity projected to strengthen (sectoral speeds will vary).",
    "Medium term: continued improvement expected, supported by further diversification.",
    "Outlook: subject to unusual uncertainty; significant downside risks.",
    "Public health: rapid suppression of new infections through swift public health response, effective health measures, and non-pharmaceutical interventions.",
    "Fiscal and regulatory policy: strong responses helped sustain production and household income and consumption.",
    "Structural policy emphasis: sustain strong policy actions to preserve resilience and promote green, digital, and inclusive growth.",
    "Diversification: continue reforms and diversification efforts to support medium-term recovery.",
    "The macroeconomic outlook carries unusual uncertainty.",
    "Significant risks are skewed to the downside.",
    "**1brnea2021001**"
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