B R U N E I E C O N

Special Feature: Economic diversification in oil-exporting countries Export concentration in oil-exporting countries is much higher than the rest of the world, and the gap between the two groups has widened over the past half-century. [...] We thank the Department of Economic Planning and Statistics (DEPS) and the Treasury Department at the Ministry of Finance and Economy (MOFE) and the Ministry of Primary Resources and Tourism (MPRT) for sharing the data used in this Update. [...] Overall, the trade account balance returned to surplus in Q1, 50 after falling into deficit in the second half of 2020, and remained positive in April despite the surge in fuel imports. [...] Manifestations of this “resource curse” include the Dutch disease, coined after the decrease in manufacturing exports in the Netherlands following the discovery of gas in the North Sea in the late 1950s. [...] On average, the index rose by 0.51 in oil-exporting countries, compared to an increase of 0.09 in the rest of the world.