Brunei minister giving the keynote speech at the event at the Bandar Seri Begawan. - Borneo Bulletin/ANN
BANDAR SERI BEGAWAN (Borneo Bulletin/ANN): It is crucial to remain vigilant, especially towards unforeseen critical events that could rapidly alter the economic landscape, Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Mohd Amin Liew said.
“The unpredictability of geopolitical events, along with the fluid nature of international relations and trade dynamics, require a flexible and responsive approach,” he said.
The minister said this in a keynote address at Standard Chartered Bank Brunei’s annual Global Research Brief event for corporate clients and stakeholders.
The minister added; “Despite all these challenges, there is a sense of cautious optimism as we step into the new year. The International Monetary Fund (IMF) recently upgraded the 2024 global growth forecast to 3.1 per cent, as the global economy displayed remarkable resilience with inflation declining steadily. On the other hand, the caution lies in the expectations that global growth for this year will be below the historical 20-year average of 3.8 per cent.
“It is imperative that we focus on the potential risks and opportunities 2024 will present. The fall in inflation rates does bring a sense of optimism.”
“This period of relative economic improvement would be a good time to reinforce risk management strategies and enhance our preparedness for unforeseen developments. By keeping an eye on these risks, while remaining agile, will be vital to navigating the potential fluctuations of the global economy,” he added.
The minister added, “To all joining us today – I wish to emphasise the pivotal role each of you play in interpreting these trends, evaluating risks, and identifying opportunities. This gathering serves as a platform for strategic contemplation and forward planning.
“The goal here is not merely to share ideas but to stimulate thought processes that will help us navigate the complexities of the global financial landscape, ensuring a stable and prosperous future in our respective spheres.”
The event, themed ‘A Soft Landing with Risk’, featured in-depth discussions on the global and regional economic outlook and presented by top financial experts. - Borneo Bulletin/ANN
