| | GOAL 3
Brunei Darussalam's economy is currently driven by oil and gas sector for its exports and revenue. With this high dependence on hydrocarbon resources, Brunei Darussalam will be prone to economic shocks and this will pose challenges to the lives of the Bruneians. To ensure a sustainable economy for Brunei Darussalam's future generations, Goal 3 of the Wawasan Brunei aspires for the country to be transformed into an advanced high-income country, utilizing knowledge and technology as its base as well as strengthening the private sector's involvement, while maintaining the government's facilitating role in economic development. In achieving this aspiration, the nation is required to accelerate the economic growth with a large proportion of it to be contributed by the non-oil and gas sector. As such, economic diversification is still high on the economic development agenda. In the Wawasan Brunei Framework, Goal 3 contains 4 national outcomes, 11 key areas and measured by National Key Performance Indicators.
The first national outcome is High and Sustainable Economic Growth which focuses on high growth in Output and Productivity and Investment as the key areas. Continuously increasing output and productivity, and investing strategically will ultimately accelerate growth in the economy. The second national outcome is Economic Diversification. Economic diversity is an indispensable factor to ensure strong and sustainable economy of this country in the long run. Increasing high value growth in production and services with emphasis on innovation and usage of high technology, and building broader trading network to enhance the exports of various sectors will help to attain high non oil and gas fiscal revenues. Sector diversification, export diversification and widening revenue base are the three key areas that will facilitate the economy to move up the chain of production, hence ensuring the success of the economic diversification outcome. The third national outcome is Low Unemployment Rate. The key areas to reduce the rate of unemployment are Jobs Creation and Workforce Mobility. A highly productive and sustainable economy will create quality employment for the people and give an opportunity for a flexible workforce. The fourth national outcome is Macroeconomic Stability. A balanced and stable macroeconomy is a basic requirement for the provision of an enabling environment to attract domestic and foreign investors. Brunei Darussalam maintains its macroeconomic stability by focusing on four key areas namely Price Stability, External Balance, Fiscal Stability and Financial Stability.
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