Socio Economic Impact

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The purpose of this report is to briefly review the impacts on socio economic of Brunei Darussalam with the implementation of economic development (Brunei Vision 2035).
Socioeconomic defined as the studies of social science on how the economics activity of a country affects the society and shapes by the social processes. In simple words, it studies the relation of economics to social values. A social value on the other hand means to allocate the resources from one step to another.
Brunei Darussalam therefore needs an environment that supports the quality of life and sustainable natural resources by facing all relevant issues and challenges to pursue the globalization towards a borderless world. 1.2
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These may affect patterns of consumption, the distribution of incomes and wealth, the way in which people behave both in terms of purchase decisions and the way in which they choose to spend their time, and the overall quality of life.

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There are eight strategies to be covered with the involvement by both the government and the private sector. Economic strategy is one of the fundamental issues that need to be developed to balance all of those strategies. It has been placed by Brunei Darussalam as a key element listed in the integrated national strategy. This will be an opportunity for Brunei Darussalam to create more job employment for the local and therefore reduce the unemployment issue that has been going on in the sultanate. It will also encourage both foreign and domestic investment. The economy in Brunei has been diversified in a long-term plan and developed promisingly since 2011. His Majesty has delivered in His titah on the eve of the New Year that 20 years is not too long a period that we did not have room to be relaxed so we need to adopt more progressive attitude and mindset. Brunei Darussalam has been relying on its oil and gas industry for a very long period however there are other promising long-term plan that have been developing for growth and future economic diversification such as tourism, social service, medicines, biodiversity, agriculture, entrepreneurship, technologies and ICT. The vision 2035 of Brunei Darussalam is eyeing a high-income capitalistic nation in effort to dominate the regional Islamic finance, real estate infrastructural development as well as the commercial trading hub in Borneo. This is why the
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