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Banking expert at Brunei Darussalam Central Bank (BDCB) Richard Ellis highlighted the crucial role of financial regulators and supervisors in maintaining stability and efficiency in markets, the importance of transparency and developing and implementing clearer rules and guidelines to enhance the resilience of the financial sector, and warned about the susceptibility of markets to instability, and how social media could reduce the markets’ efficiency and predictability. He said this during the Economic and Investment Outlook 2024 at the Ministry of Finance and Economy (MoFE) recently. The event was attended by over 260 representatives from various organisations, including divisions under the MoFE, as well as agencies, financial institutions and local higher education institutions. Themed ‘Living in a Brittle, Anxious, Non-Linear and Incomprehensible (BANI) World’, the event brought together speakers from public, private sectors as well as academic institutions to share and exchange views on economic and market trends and developments while providing a comprehensive outlook for the coming years. The event began with opening remarks from Assistant Managing Director of Monetary Operations at BDCB Mardini bin Haji Eddie. He highlighted how the rapidly-changing environment previously described as volatility, uncertainty, complexity and ambiguity (VUCA) has now evolved to the rise of a new acronym – BANI. The change has been triggered by various crises in recent years, such as climate change, the COVID-19 pandemic, financial instability and geopolitical tensions. ![](https://media.everythingbrunei.com/public/DXVtWAhrjHkHUP-jegjtJ-nMyI_hl7A_1TC962zjkf5.jpeg) Assistant Managing Director of Monetary Operations at Brunei Darussalam Central Bank (BDCB) Mardini bin Haji Eddie in a group photo with banking expert at BDCB Richard Ellis, panel discussion moderator and panellists. PHOTO: BDCB He also shared some examples of economic and financial developments in the markets in 2023 that have been characterised as BANI, including the possibility of a recession, bank failures, and signs of market distress. The event proceeded with a panel discussion moderated by Associate of Financial Development at BDCB Abigail Leong Tze Fong. Acting Assistant Director of Planning at the Department of Economic Planning and Statistics Noor Bazilah binti Madanie, Standard Chartered Bank Brunei Chief Investment Officer Raymond Cheng, Universiti Brunei Darussalam’s School of Business and Economics Professor Ahmed Masood Khalid and Brunei Investment Agency associate Muhammad Bazli bin Haji Ghani were the panellists. The panel discussed critical global economic challenges, with a focus on the widespread slowdown in economic growth and its potential spillover risks to the Sultanate. The conversation went beyond macroeconomic concerns to explore emerging megatrends in investment. The discussions provided insights into navigating the complexities of the evolving financial landscape, particularly in the realms of artificial intelligence, climate change and geo political tensions. The panellists also provided a comprehensive overview of the trends influencing contemporary investment strategies, addressing the need to adapt to the disruptive forces of BANI. On the domestic front, the session underscored the importance of strategic diversification in driving Brunei’s economic growth. Key challenges were highlighted, including the substantial dependence on the oil and gas sector, the constraints of its small market, reliance on imports and vulnerability to geo-political tensions. Recommendations were made to foster economic resilience and sustainable growth, emphasising the importance of being able to overcome challenges. An emphasis was placed on ensuring the successful implementation of planned initiatives through collective efforts among stakeholders. The outlook is one of the many events organised by BDCB to provide a platform to stimulate conversations and the exchange of views on topics such as economic and financial market growth and development.

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