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Why does Brunei need to diversify its economy?

Updated: 8/16/2019
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11y ago

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to make people get jobs against

farming

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11y ago
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Q: Why does Brunei need to diversify its economy?
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What drives the economy of Brunei?

The main driver of Brunei's economy is oil and gas.


Why is it good for a state's economy to diversify?

its not.


Why does an economy need surplus food in order to diversify?

to allow people to do other work besides farming.


What has Venezuela done to diversify their economy?

planted more crops.


Is Brunei a developed or developing or a country with economy in transition?

Brunei is a developed country. It has a Human Development Index at 0.919, and is also classified according to the World Bank as a high income economy.


Why is it important to diversify your economy?

An economy based on only one market is an invitation to disaster. If that market fails, the entire economy fails. With diversification, an economy can survive a failed market.


Why are African nation trying to diversify their economy?

The African Nation is trying to diversify their economies because A country with a diverse economy will not be hurt as much if a major cash crop fails or if world prices for one of it's major mineral exports suddenly drops. THAT'S THE REAL ANSWER!!!!


What problem will Venezuela face if the country does not diversify its economy?

they'll lost he Maracaibo and offshore, meaning a silver mine in Peru


Distance between Brunei and New Zealand?

I don't know exactly, but you need to pass Australia, and Indonesia to get to Brunei


How do you use diversify?

You use "diversify" as a verb.


Why did the Central American countries need to diversify their economies?

Brazil, Bolavia, Peru, Colombia


Why is it important for Brunei to develop other parts of its economy apart from the oil and natural gas industry?

We need to use eco-friendly things to save resources, fossil fuels are also used for other things.