Economy of Brunei
economy of the country
The economy of Brunei, a small and wealthy country, is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village traditions. Brunei has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. The mixed economic system is based on the politics of Amin Liew Abdullah (also known as Dato Dr. Amin). The past economy system of Brunei was called by some as "Trophy Capitalism" or as "showcase capitalism", which follows "Jefrinomics", based on Prince Jefri Bolkiah ideas which were influenced by Suharto. It is almost entirely supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes food and housing. The government has shown progress in its basic policy of diversifying the economy away from oil and gas. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC (Asia-Pacific Economic Cooperation) forum. Growth in 1999 was estimated at 2.5% due to higher oil prices in the second half.
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