BRUNE I ECONOM I C OUT LOOK 2 0 2

The views and opinions expressed in this adaptation are the sole responsibility of the author(s) of the adaptation and are not endorsed by CSPS. [...] 49 5 BRUNEI ECONOMIC OUTLOOK 2021 Foreword by the Chairman The year 2020 has been unprecedented by some measures, including the severity of the global recession caused by the COVID-19 pandemic and the actions taken by governments around the world to support lives and livelihoods. [...] The report discusses recent key developments in the Brunei economy and the economic outlook for the year. [...] Consumer prices rose significantly in the first half of 2020 Growth has been largely supported by the due to a marked depreciation of the exchange downstream oil and gas sector, particularly rate and shortages of certain imported items the production and exports of refined petroleum caused by global supply chain disruptions. [...] 20 BRUNEI ECONOMIC OUTLOOK 2021 Recent economic developments The trade balance fell into deficit in Q3 as exports declined and imports increased steeply A decline in exports and a surge in mineral fuel The jump in imports was due to the use of imports led to a trade deficit in Q3 (Figure 19).