Brunei Economic Questions and Answers - myassignmenthelp.com

Question: Write about theBrunei Economic Questions and Answers. Answer: The economic situation of Brunei has changed significantly over the past decade due to major political and economic development. Through efforts made by the countrys ruler, the laws governing business establishment and trade in the country have been made friendlier to the business community thereby leading to increased investment. The economy has also been diversified creating more avenues for revenue generation. Bureaucracy- The country should overcome this challenge as it affects its decision making capacity thus affecting business operations (Bhaskaran, 2007). Human Capital- This is a significant challenge because for the country to diversify it has to have people with the needed skill set. Public sector reform- This is essential as it dictates the efficiency of the business sphere (Crosby, 2007). Bhaskarans assessment of the reasons as to why Brunei has not been able to attain successful diversification is completely correct. Personally I believe the lack of efficient Human capital is the most important reason as to why this is so due to the fact that the country lacks the necessary skill set to diversify. Another important reason could be lack of will from leaders in the different sectors. The government of Brunei has already implemented a number of legislation to promote economic development and diversifications in the county. This is seen through the large number of trade deals that the government has engaged in to help strengthen the local businesses. Within the next five years the Brunei government should venture to create the right and enabling environment within the countrys business sphere through a thorough audit of the rules and regulations in the country. References Bhaskaran, M. (2007).Economic Diversification in Negara Brunei Darussalam. Centre for Strategic and Policy Studies Brunei Darussalam. Crosby, M. (2007).Economic Diversification. Centre for Strategic and Policy Studies Brunei Darussalam.