Brunei Darussalam is the only country in the Southeast Asian region that is nicknamed Petro Dollar. This nickname was given to Brunei Darussalam because it is a country known to be rich in petroleum and natural gas. So why is Brunei Darussalam still classified as a developing country?
Reporting from the hops.id website, the main income of Brunei comes from the main export of crude oil and natural gas. Not only that, their income also comes from petroleum exports. This country exports petroleum and natural gas to various countries in Asia, America, and Europe. Recorded from ceicdata.com data, Brunei's highest export yield was in 1980 at 219,255 Barrels/Day. In fact, in 2021, its exports were reported at 68,917 Barrels/Day. However, in 2022, it decreased by 38,917 Barrels/Day which is the lowest record in history.
Although Brunei Darussalam is a rich country that produces petroleum and natural gas, it is still a developing country. This is because its economic weapons are still in the primary sector, namely mining and petroleum exports. On the other hand, in terms of technological progress, industry, and services Brunei is still unable to enter and play an important role in the world market, which is one of the requirements of a developed country.
However, this is not a big problem for their country, as Brunei Darussalam is a rich, happy, and prosperous country. The people of Brunei are also free from taxes, education, and free from health costs. These things make Brunei Darussalam classified as a rich and prosperous country.
Source:
Rifan, F. A. (2023, October 24). Ini penyebab Brunei Darussalam dapat julukan Petro Dollar, sejajar dengan negara Timur Tengah. Retrieved from Hops.ID: https://www.hops.id/unik/29410602987/ini-penyebab-brunei-darussalam-dapat-julukan-petro-dollar-sejajar-dengan-negara-timur-tengah#:~:text=Penyebab%20Brunei%20Darussalam%20dijuluki%20Negara%20Petro%20Dollar&text=Jika%20dilihat%20dari%20definisi%20mengenai,
Brunei Minyak Mentah: Ekspor. (n.d.). Retrieved from ceicdata.com: https://www.ceicdata.com/id/indicator/brunei/crude-oil-exports#:~:text=Minyak%20Mentah%3A%20Ekspor%20Brunei%20dilaporkan,Barrel%2FDay%20th%20untuk%202021.