Danzel Samuel upxed August 18
I’m surprised that nobody has mentioned Brunei.The oil-rich country has been hugely dependant on oil ever since it’s existence. It is their main source of income. 90% of their exports are oil and gas as of 2018.




It’s GDP annual growth is also not looking good. It’s fluctuating between recession and growth.



Looking from this, a good way to counter this would be to diversify the economy, like what Saudi Arabia did to counter the oil crash. However, they increased their oil production, despite a global oversupply.“Production will be continued in Brunei and I’ve had a discussion with Brunei Shell Petroleum Co Sdn Bhd (BSP) on this matter as well, and this is the time when you really need to make sure that you always have a diversified portfolio of buyers, ” said the minister.


They actually had the opportunity to introduce tourism but sharia law killed any chance of tourists spending their dollars. It has also tarnished its public image.The decline has also affected it’s people. Youth unemployment is at 25%, the highest in ASEAN. Its unemployment rate is at 9.12%.
Unless Brunei diversifies their economy, it will continue to decline. It’s brightest will leave for greener pastures.