Brunei Darussalam’s Momentum of Economic Recovery Likely to Continue into 2020, Despite COVID-19 Pandemic

September 04, 2020

Brunei Darussalam's (Brunei) economic recovery of 2019 is expected to continue into 2020, despite the COVID-19 crisis leading to a sharp global downturn, according to the ASEAN+3 Macroeconomic Research Office (AMRO).

AMRO's 2019 Annual Consultation Report on Brunei released on the 31st of August 2020 stated that the country's gross domestic product (GDP), which had grown by 3.9% in 2019, would continue to expand by 2.2% in 2020, due in large part to the commencement of Chinese refiner Hengyi Industries’ (Hengyi) production operations. Considered the largest foreign direct investment in Brunei, Hengyi’s operations have led to a marked increase in crude oil and chemical imports in 2019.