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Pros And Consequences Of Economic Development

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Jobs come and go well in accordance with the economy. If there is an economic surplus hence it creates more jobs for the people. For example the declined price of oil barrels in the oil and gas sector will also affect Oil Drilling companies in terms of selling price and expenditures. Generally, there is a need to cut unnecessary spending in order for oil companies to survive. Other source of income is tourism, agriculture and manufacturing. Hence as economic development improves, there are varieties of consequences that will change the current state of the economy such as the disappearing jobs, the projected jobs for the future and the types of education required to prepare for the projected jobs.

As Brunei Darussalam is working towards achieving …show more content…

With the development of new industries therefore it requires professional experts as guides and as assistances to local staffs to achieve the industry’s objective. However, with the influx of foreigners working in every industry, it limits the chances of the locals being hired. According to the survey of Brunei’s Labour Department (2013), the private sector has a total number of workers up to 141,852 workers in which 92,000 were foreigners. The significant increase was due to the increase of infrastructure development being carried out and local preferences of working in government agencies. In recent ‘titah’ by the Sultan of Brunei during his 69th birthday, he said Bruneians need to shed their preference towards Government and being ‘picky’ towards employment may hinder growth of a nation. Measures had been taken in by Immigration and Labour Department, in which the introduction of Employment Order 2009 which applies to locals and foreigners. In the newly imposed Order, it promises the better protection of employees' rights which the country has previously been scrutinized for, by international organizations and …show more content…

The future plan will create new jobs and opportunities. According to the Brunei Economic Development Board, in order to achieve quality standard of livings among top ten nations and a sustainable economy, Vision 2035 will expand business opportunities within Brunei through the promotion of investment, foreign and domestic beyond the dependence on oil and gas industry. This will create opportunities for small and private business to develop the rate of employment. Moreover, one of the many jobs that can develop in the future is tourism such as tour guides and translators that will improve the tourism industry in Brunei. Furthermore, there are jobs that require in the future. In Singapore, various land transport organizations such as SMRT, SBS, SembCorp Industries and Keppel Group are investing on future engineer through programme for instance the Singapore Institute of Technology (SIT). The Singapore Institute of Technology’s student work placement scheme will give the undergraduates the opportunities to gain knowledges and skills with real-world experience in transportation. This placement will be a key factor for Singapore’s transportation development in the future and will also benefit the students as the transportation development will provide high demand of jobs (Straits Times). Education prepares the new path for students with experience to deliver for

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