Asia in Transition23- Brunei Darussalam’s Economic Transition in a Shifting Global Asia

This Open Access edited collection is the first volume dedicated to the economic development of Brunei Darussalam since 1994. It brings together contributions from Bruneian researchers, locally and internationally, to confront current issues related to the economy of Brunei. It traces its journey from an exclusively oil-producing country to a more diversified economy. The work posits that being resource-rich is not always a curse, although it does present numerous obstacles that need to be overcome in order to build a private sector in which new manufacturing and services activities can flourish. The book examines the benefits of trade and regional integration for economic development, and the importance of financial deepening. It shows that the banking sector can play a better role in financial intermediation to finance economic diversification, and emphasises the necessity to create a capital market to mitigate risks. It looks at long-term demographic trends in Brunei, such as the rise of a young and more educated labour force, the access of women to work, and the contribution of migrant workers to growth. It addresses some of the challenges that the economy of Brunei will have to solve. The book does not purport to provide definitive answers, but it unpacks potential solutions. Of interest to researchers focused on Brunei, its society, and economy, this exciting collection is also relevant to scholars studying other resource-rich countries and related social and economic developments.