Brunei has been led by the Sultanate of Brunei Hassanal Bolkiah since 1967, and had gained its independence as a British protectorate on 1 January 1984. The country is an autocratic absolute monarchy. Economic growth during the 1990s and 2000s, with the GDP increasing 56% from 1999 to 2008, transformed Brunei into an industrialized country. It has developed wealth from extensive petroleum and natural gas fields. Brunei has the second-highest Human Development Index among the Southeast Asian nations, after Singapore, and is classified as a developed country. According to the International Monetary Fund (IMF), Brunei is ranked fifth in the world by gross domestic product per capita at purchasing power parity. The IMF estimated in 2011 that Brunei was one of two countries (the other being Libya) with a public debt at 0% of the national GDP.[14]
Brunei, independent Islamic sultanate on the northern coast of the island of Borneo in Southeast Asia. It is bounded to the north by the South China Sea and on all other sides by the East Malaysian state of Sarawak, which also divides the state into two disconnected segments of unequal size. The western segment is the larger of the two and contains the capital city of Bandar Seri Begawan. Brunei achieved independence in 1984, having been a British protectorate since 1888. It is a member of the Commonwealth and ASEAN (Association of Southeast Asian Nations).