Brunei's Job Market Expands in 2023 Despite Challenges

Many businesses in Brunei are planning to hire more employees in the coming months despite challenges such as increased infrastructure spending and the need to upskill their workforce.

 

According to the recently published July 2023 Business Sentiment Index (BSI) by the Brunei Darussalam Central Bank (BDCB), a positive trend is emerging, with businesses displaying optimism about their future performance.

 

The BSI, a monthly index that gauges business confidence in Brunei, is based on surveys conducted among micro, small, medium, and large businesses across all districts and 11 economic sectors. 

 

The July and August 2023 index demonstrates optimism among businesses, with many planning expansions and increased hiring.

 

Key factors contributing to this optimism include the completion of renovation and maintenance projects undertaken by businesses in recent months. 

 

This is expected to boost business activities and lead to increased hiring. Additionally, investments in technological advancements, new equipment, machinery, and employee training are set to enhance productivity, making businesses more competitive.

 

While some businesses expressed concerns about hiring difficulties, particularly concerning both local and foreign employees, only a small number are considering employee layoffs due to poor business performance. This suggests a robust job market in Brunei in the upcoming months.

 

The BSI also reveals that businesses expect higher salary costs due to previous hiring efforts and increased expenses related to significant maintenance work. 

 

Some industries have expressed concerns about the impact of revised customs import and excise duties on plastic products, which took effect on May 17, 2023.

 

Despite these challenges, the overall outlook for the Brunei economy remains positive. 

 

Businesses express optimism about their future performance, with expansion plans and increased hiring on the horizon. This bodes well for job seekers and the overall economy, signaling potential growth and prosperity in the months ahead.