Often, one hears the cries of nationalist in discussions among our Grenadian Brothers and Sisters, telling us that certain issues within the borders of England, Canada and in particular, North America should remain there because they do not have any impact on our own country. Yet, with every downfall in these economies that takes the form of a "Common Cold" the epidemiological impact of Pneumonia can be felt throughout the Caribbean and in a manner that sometimes can be fatal to our fragile economies. The economic downturn of the US in 2008 is a classical example and a stark reminder of how the interrelationship of the global economies have made us susceptible to the volatility of foreign markets despite our geopolitical differences.
And in the broader sphere of globalization, where developing countries create their own dependencies by vertue of the "need for growth factor" and where micro economies must depend on that of their host, just to stay afloat, there is no singularity in any economic concept that can be applied anymore. We have created a system with a symbiotic reliance on the nuances of one global economy hence making absolete, the concept of economic independence.
This is precisely what the majority of the voting citizenry of England did not comprehend; remaining immersed in nationalism while focusing on "the impending immigrant invasion" of their country. So with their triumphant seceesation (Brexit) efforts to extricate themselves from the European Union entanglement, they must quickly find a new alliance in order to retain the solvency of their country's economy and pay the economic cost for the perceived folly of their own disengagement. This is a stark reminder of the consequences (good or bad) of exercising one's right to enfranchisement at the behest of a political leader/party affiliation in the interest of expediency. Now they must sit back and feel the pinch as they hoist the Union Jack and sing "God Save The Queen" while the rest of the country "eat cake".
So just what is the impact of all this on our Grenadian economy, one may ask?
It is the issue of globalization that forms the linkage between Foreign Exchange and its impact on our Gross National Product, invlusive of the dependability on foreign remittance to supplement our Disposable and Discretionary Income streams. Its impact on our local markets, right on down to our local Vendors and those of our underground economy cannot be viewed with any measure of favorability. And to the extent that our "English friends and relatives are impacted, the fallout would transcend across the pond down to our Caribbean nations and with a Easterly breeze that would be very contagous. The most impacted would be our British expatriates and pensioners who would invariably make adjustments to their budgets and standard of living to accommodate their new realities of having and spending less.
And as we in the Caribbean are " import nations, primarily from Britton", it means that our individual spending power as nations would be greatly deminished because of the Brexit economic fallout. The extent to which it may impact our balance of trade depends on the urgency of the British citizenry to accept their new realities and quickly move away from the rest of the EU nations. But in the mean time the Brexit impact should be a reason for concern.
