Policy Paper.docx - 1 Introduction National innovation...

  • No School
  • AA 1
  • 11

This preview shows page 1 - 3 out of 11 pages.

1. Introduction National innovation system stresses the flow of information and technology with the innovative process from the people, higher education, and enterprises. T he competitiveness determines the level of the economic productivity in Brunei from the set of institutions, factors, and policies which measure the level of prosperity that the Brunei economy can accomplish. The concept of innovation system is to helps the enhancement of regional and industrial competitiveness through interaction and proper flow of information among significant innovation actors in a region and sector in Brunei. The policies were needed to develop the innovative of the country and technological capacity. While the approach of the national innovation system gives an improvement of the alternative framework that conceptualizes the development of technology in term of input and output. This approach will bring a result to assist policy maker to develop plans for enhancing the innovative performance base on the economic knowledge. 2. Statement of Problem (a) Dependency for Oil and Gas in Brunei Brunei is well-known as one of the richest country in the world where the backbone of its resources from its abundant hydrocarbon resources which is oil and gas. In Southeast Asia, Brunei is the fourth largest oil producer, and more than half of the country’s Gross Domestic Product (GDP) and more than 90 per cent of its exports are contributing from the oil and gas sector. Since Brunei is a resources-dependent country, this problem makes the main cause of Brunei’s slow growth in its development. The problem is an overreliance on oil and gas for Brunei’s economy. As the oil price slump in 2013, this effect is being felt by oil-producing countries including Brunei which effect the nation’s finance and forced them to take alternative measure to overcome this problem. Gross Domestic Product (GDP) in 2013 shrinking to 1.8%. The international analyst has predicted that oil prices to stay low for a long time as in 2015-2016 fiscal year, Brunei had reported a budgetary deficit valued at 16 percent of its GDP. Due to this crisis, bot IMF and ADB are recommending for Brunei to freeze public-sector wages and hiring for government
Image of page 1

Subscribe to view the full document.

positions, cuts fuel subsidies that given by government and abandons any big projects, and in turn boosts low productivity and encourages job growth. Another problem is Brunei also run out of Brunei’s hydrocarbon reserves which only last long for about 22 years more in case no new reserves are discovered. Due to the problems, by using oil revenue, the government has been trying to do another initiative by invest in non-oil industries such as Islamic banking and halal food, as well as by attracting foreign direct investment (FDI) into a project such as a refinery.
Image of page 2
Image of page 3
  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes