Economy of Brunei

This small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for nearly half of its GDP. Substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes rice and housing. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it became a more prominent player by serving as chairman for the 2000 Asia-Pacific Economic Cooperation (APEC) forum. Stated plans for the future include upgrading the labour force, reducing unemployment, strengthening the banking and tourism sectors, and, in general, further widening the economic base. The national airline, Royal Brunei is trying to make Brunei a hub for international travel between Europe and Australia/New Zealand. It also has services to major Asian destinations.