The Central Bank of Brunei Darussalam (BDCB) held its Economic and Investment Outlook 2025 event on 6 February 2025, bringing together public, private and academic speakers to discuss market and economic trends under the theme “Friends, Foes and Frenemies? Shifting Alliances in a Fragmented World”. The programme focused on how geopolitical uncertainty, shifting trade dynamics and changing central bank policy settings are shaping the outlook for 2025 and beyond. Opening remarks by BDCB Managing Director Hajah Rashidah binti Haji Sabtu highlighted greater market volatility and more complex global cooperation driven by inward-looking policies and fragmentation. A special presentation by Dr. Yong Soo Keong of Universiti Brunei Darussalam pointed to fragmentation across geopolitical, economic and technological domains, including the effects of US-China tensions, tariffs and trade restrictions, rival trade blocs, and regulatory divergence, and discussed vulnerabilities for small open economies. A panel moderated by BDCB’s Assistant Executive Director (Regulatory 3) covered implications for financial markets and the domestic and regional economy, including reshoring and friend-shoring trends and competition in the technology sector, alongside approaches to managing uncertainty and economic volatility.