An External Sector Statistics (ESS) technical assistance (TA) mission was conducted remotely to Brunei Darussalam, during July 26–29, 2020, aimed at improving the quality of ESS, in line with the authorities’ request. This is the most recent TA mission on ESS to Brunei Darussalam following a previous one that took place more than 16 years ago by the IMF’s Statistics Department.
1. The Brunei economy has been buffeted by the COVID-19 pandemic and the associated oil and gas (O&G) price decline. The first confirmed COVID-19 case was reported in the Sultanate on March 9, 2020. The number of cases increased rapidly to 100 cases in just 15 days, with the first COVID-19 fatality reported on March 28, 2020. In addition to the health shock, Brunei had to contend with the pandemic-induced decline in global oil and gas prices, which dropped by 22 percent from 2019 to 2020. Thanks to early and decisive interventions, the authorities succeeded in suppressing the first wave of the outbreak (as of mid-July 2021, there had been no cases of community transmission since May 5, 2020) and rolled out economic relief measures to cushion the economic toll (Appendix I). As a result, the economy performed well in 2020, with real GDP posting 1.1 percent growth—a rare outcome amidst a sea of negative growth in the region.
On behalf of Brunei Darussalam’s authorities, we would like to thank the Article IV Mission team for a constructive and fruitful consultation this year. Despite the challenges brought about by the pandemic, the virtual consultation went smoothly, and discussions were insightful.