Brunei expected to post positive growth in 2018

BANDAR SERI BEGAWAN, Dec. 9 (Xinhua) -- Brunei is expected to record positive growth in 2018, according to Asian Development Bank's (ADB) Asian Development Outlook update released recently.

According to local media on Saturday, the sultanate will register slightly lower growth this year as forecasts are revised down by 1 percentage point, the report said.

Brunei expects current account surplus this year, and in 2018 the country is likely to record higher current account surplus, it added.

The sultanate has not yet fully adjusted to subdued global demand for oil and gas although the value of oil and gas exports increased in the first five months of 2017, the report further noted.

"A monetary policy linking the Brunei dollar to Singapore dollar has helped Brunei to maintain monetary stability in the face of adverse external conditions in recent years," the ADB said.

"The government budget continued to be under pressure in the first half of the year, as a persistent slump in the global oil and gas market caused revenues to weaken further," it added.

According to Brunei's Department of Economic Planning and Development, measured at constant prices, Brunei's GDP recorded a decline of 2.5 percent in 2016.

In the second quarter of 2017, Brunei's GDP recorded a growth of 0.7 percent year-on-year at constant prices. Enditem