Economic challenges and answers

HAVE we truly achieved economic diversification for our beloved country? A book entitled Brunei Darussalam Challenges for Economic Diversification written by Pg Dr Hj Mohd Yakub Pg Hj Othman is one such book that makes an attempt to answer important questions for resource dependant countries in general and Brunei Darussalam in particular regarding the role and effectiveness of national planning in the drive for economic diversification. It reviews the history of economic planning in Brunei from the First National Development Plan to the present one. Economic planning should bring forward dynamics of change and help provide a clear direction to government policies and expenditure programmes and initiate effective measures to set in motion the required structural and institutional changes to enable both the government and the private sector to make their full contribution.

Brunei Darussalam Challenges for Economic Diversification adopts an interesting approach in trying to answer various economic questions such as: Why is it that Brunei Darussalam has not achieved economic diversification after nearly 60 years of development planning?; Are we choosing the right industrialisation policy?; Why has agriculture contributed not more than 4% of GDP during the development planning period?; Why are we still emphasising on agricultural development?; Where has development planning gone wrong?; What other similar economies can we benchmark our economic development and learn from their success stories?; Why is it that rich resource-endowed economies normally experience low economic development?; Is economic diversification important or should rather government policy concentrate on economic growth to sustain population's economic welfare?; Oil and gas, being two different products sold in international market, which one would be more sustainable as income generator for Brunei?; and To what extent is Brunei's economy vulnerable?

The book also contains extensive case studies on other resource dependant countries' experiences and applies statistical techniques to relevant data in an attempt to measure the extent of "Dutch Disease" in Brunei. An intensive literature review on the theory of "Dutch Disease" is also made. The book is based on original research and makes a significant contribution to the understanding of the resource-curse, or "Dutch Disease" phenomenon.

The publisher of the book, Lambert Academic Printing GmbH of Germany, is expected to market the book at €79. The title will also appear in catalogues of various booksellers including amazon.com. The book is offered to major book distributors in USA and Europe.

Pg Dr Hj Mohd Yakub told The Brunei Times that the book is an edited version of his thesis. He was a distinguished civil servant in this country, having served the Brunei government for 32 years in various senior positions at the Prime Minister's Office, Ministry of Education, Ministry of Communications, Ministry of Industry and Primary Resources and at the State Secretariat before the country's independence in 1984. He started his working career as an economics lecturer after graduating in BA (Hons) Economics and Postgraduate Diploma in Education in England. In 1986 he graduated from Harvard University with MA in Public Administration where he served as an elected member of the Student's Government.

Pg Dr Mohd Yakub was conferred PhD in Economics by Universiti Brunei Darussalam in 2011, two year's after retiring from the government. He used his experience and educational talent to review and analyse Brunei's economic conditions, culminating into a thesis entitled "Economic diversification in Brunei's National Development Planning".

For two years in 1999 to 2001, he was seconded into the private sector, serving as the Managing Director of Jerudong Park Group of Companies.

He was also a known personality internationally having served as member of the board of directors of Technonet Asia and ASEAN Potash Mining Co Ltd, and chairman of Conference of Commonwealth Postal Administration; BIMP-EAGA Transport and Infrastructure Working Group Cluster; and BIMP-EAGA Working Group on ICT. In 1999 he was selected as a Commonwealth Fellow.

The Brunei Times