The major objective underlying this book, namely to link the evolution of the oil and gas industry in Brunei to the various ways in which development and diversification strategies have been pursued, has elicited a number of paradoxes. In particular, it has served to underline the disjuncture between economic growth and economic development. By the conventional standards of growth in gross domestic product, balance of payment figures or foreign reserves, Brunei has achieved impressive rates of economic growth, particularly since the first oil-price rises of 1973–4. But, as this book’s examination of the development process in Brunei has shown, there remain major concerns about the lack of an effective and sustainable pattern of development in the state. Growth without development, wealth without employment might serve as a summary of those concerns. Some of the reasons — high public sector employment, the gaps in remuneration levels between private and public sectors, insufficient monitoring of development plans, and high levels of public spending — have been elucidated in this book.
KeywordsDiversification Strategy Foreign Reserve High Labour Cost Finite Nature Impressive Rate
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