BRUNEI ECONOMIC UPDATE O C T O B E R

We thank the Ministry of Primary Resources and Tourism (MPRT), the Department of Economic Planning and Statistics (DEPS) at the Ministry of Finance and Economy (MOFE), and the Department of Electrical Services (DES) at the Ministry of Energy for sharing the data used in this Update. [...] Growth prospects depend on many factors, including the -4 development of therapeutics and vaccines and their deployment, -6 the extent and duration of stimulus measures, and the degree to 2020 2021 which containment measures are reinforced in the event of a Source: IMF second wave of COVID-19 infections, which is now incipient in Note: Global growth projections for 2020 and 2021 made in January, A. [...] This is evident in the reduction in spending during 1985-86, a ramp-up in spending during the oil price boom in the 2000s, and the spending cutback in recent years. [...] The oil price hikes in the 1970s had prompted a broad-based increase in spending, and the government was not prepared to cope with an abrupt fall in oil prices. [...] Brunei government revenue and expenditure revenue and expenditure and change in fiscal balance and change in fiscal balance during past episodes of oil during past episodes of oil price crashes price crashes Percent Percentage points of GDP 30 Revenue growth 10 Change in fiscal Episode Revenue Expenditure Expenditure growth balance (% 20 (t=0) (% of GDP) (% of GDP) Change in fiscal balance (RHS) p.