Have not been in here in a long time.... been really busy with
work.
Anyway, just thought I should share this thought-provoking
article I found in an EDMW thread:
The decline of Brunei due to severe brain
drain
I think it makes for a very interesting case study in economics
into what happens when you don't diversify and develop your economy
and just stick to one particular industry.
What's interesting is how oil refining, at USD$13.5 billion, is just 5% of the Singapore economy.
Meanwhile Brunei, with oil taking up 90% of its economy has a total
GDP of only USD$17 billion.
And while Brunei has a tiny population, the article uses
Luxembourg as a comparison as to how proper economic management can
offset that problem.
Personally, I can also think of Iceland and Liechtenstein as
further examples.
