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IMF dramatically cuts Brunei's GDP forecast for 2016

Xinhua, May 6, 2016 Adjust font size:

The International Monetary Fund expects Brunei's economy to contract by two percent this year, much lower than its October 2015 forecast of 3.2 percent expansion for 2016, local news daily Brunei Times reported Friday.

According to IMF's latest Regional Economic Outlook for Asia and Pacific report, Brunei's GDP forecast for the year continues a downward trend that started in 2013.

But the IMF expects the sultanate's economy to rebound in 2017, with GDP seen to expand by three percent. This figure is lower than the 3.8 percent growth projected in October 2015.

The IMF said Brunei's economy shrunk only by 0.2 percent in 2015, in comparison to a forecast contraction of 1.2 percent that was made last year.

The Washington-based institution said ASEAN's economic growth will remain uneven, reflecting the member countries disparate stages of development.

For most major ASEAN economies, the turning of the credit and housing cycles and the increase in benchmark lending rates and spreads are expected to have an impact on domestic demand. Recent declines in the equity markets have likewise dented sentiment.

Headwinds from the weak global recovery, a broader tightening of financial conditions and high debt are also expected to slow down growth. Enditem