In this past few month oil price have been dropping dramatically and multinational company like Shell and other oil related company have been cutting down cost. The drop of oil price have impacted a country in the borneo island, Brunei badly as there are a decent percentage of citizen/resident in the country are working in the oil and gas field. As there are a lot of young student are also studying oil and gas related course in the university to make sure going back to Brunei and get a stable job but didn't expect of the great fall of oil price. There are students that came back from their studies or just finish with their studies and didn't get the job they actually studied for. As in the past having a job in the oil&gas industry in Brunei are considered a stable and secure job but not anymore. The country just cut down a 200 million budget for the growth of the country. According to the local news Brunei Times “If people spend their income without thinking about the risks, it could lead to a financial crisis in the family, which usually leads to another issue, which is debt.” The country Brunei have no debt but the country is lack of entrepreneurship for the country to grow and people country have been taken care and having a very peaceful life as they have not been prepared for the worst to come. There are ways for a country to boost up their GDP that is exporting goods, tourism, education and FDI. Brunei are famous for their oil and most of the exports of the country is mainly oil&gas. Tourism in the country has hit as low as 200 000 and it have been almost a decade that the tourism industry hit 1 million visitor. As education they are improving on it as giving scholarship to citizen of the country and allowing foreign universities to set up campus in the country as it is a good idea to have join research for the country and working as a education hub in ASEAN. By following what the other ASEAN country like Malaysia and Singapore as the main hub of ASEAN country universities it could help the country to bring in more foreign students and as a safety and low living cost country it would be a great advantages for student to be studying in.
