Business View Caribbean - July 2016 17
global recession of 2008. Not only will private sector
flows be placed in jeopardy for the rest of 2016-2018
because of economic aftershocks, but a possible
dark future of public sector grant aid must rest heav-
ily on the minds of Caribbean leaders,” she said.
According to Byer, “The small, vulnerable open
economies of the region, which are heavily depen-
dent on tourism and trade from the European Union,
must wait out a period of further external economic
contraction. This is so, since Britain and the EU are
now intensifying the diversion of scarce resources
to address domestic political and business disquiet.
Britain’s focus will be on exiting while keeping an
eye on Scotland, at the same time the EU pushes to
consolidate in the grim hope that citizens of major
economies on the mainland do not request similar
exits following the British lead.”
“Britain’s decision to exit has shocked the global pro-
integration movement, and the region must avoid at
all cost ‘bandwagonism’. Both CARICOM and the
OECS must strengthen the cords which bind and
move towards deepening the regional integration
movement,” she warned. “The Revised treaties of
Basseterre and Chaguaramas must be implement-
ed in ways to better serve our citizens,” Byer pointed
out.
Additionally, it was suggested that in the reposition-
ing by Commonwealth Caribbean countries, a clear
policy must be pursued immediately, to strengthen
diplomatic relations and form alliances with EU and
British departments and overseas territories in the
region such as Martinique, Guadeloupe, St Martin,
St Maarten, Aruba, Bonaire, Curacao and the British
Virgin Islands.
Byer concluded that there is a need in the region
for mass public sensitization on the impact of Brit-
ain’s exit. “Technicians must study the subject mat-
ter carefully. A slow British pound recovery will im-
pact on the prospects of banana farmers in St Lucia
exporting to the UK. Will it be more advantageous
then to trade in the region? A British couple on hon-
eymoon in Barbados or the Grenadines will need to
use more British pounds to purchase their next din-
ner than they had originally budgeted a week ago,
that’s the real translation. Though the days ahead
appear uncertain as the fifth largest economy in the
world recovers our recovery from the 2008 global
meltdown is proof that with carefully planned poli-
cies the region can reposition for better,” she ex-
plained.
