Conclusion: Moving Forward[Conclusion : Aller de l’avant]

This chapter provides a summary of the contributions in this book. One key argument presented throughout is that economies going through a transitional phase face several challenges such as rising unemployment, a lack of entrepreneurial and innovative skills, a dearth of expertise in economic planning and management and more. The recent economic changes experienced by Brunei Darussalam are driven by a structural transformation that occurs in all emerging countries during their development process. This shifting global Asia offers many opportunities for growth if Brunei accelerates policy implementation to innovate and diversify its economy. This is necessary to meet the challenges of the energy transition and the digital economy that are propelled by shocks like climate change and global pandemics. Brunei must also be ready for a demographic change, and invest in and modernise its education system to provide young people with the new skills that companies need. The contributions provide clear evidence that Brunei is increasingly committed to taking on the responsibility of being a more productive state. Oil and gas rents, which are an important driver of the long-run economic growth process, have been increasingly used to finance diversification and socioeconomic development, including generous welfare benefits. This chapter highlights certain niche areas, such as the development of financial sector including a focus on Islamic finance, strengthening agritourism, the services sector, an efficient public sector and more vibrant business sector, which are all key to the future success of Brunei and its ability to meet the anticipated targets as set out in Wawasan Brunei 2035 (Brunei Vision 2035).