How significant that the United States has inflicted itself with a financial wound so grotesque and debilitating that it will never fully recover. With big numbers get thrown around like they are nothing these days—a $140 billion tax refund here, an $85 billion bailout there. America must be one rich country. But America is not rich. It’s broke!
This US financial fallout will seriously affected financial markets around the worldwide and there will almost certainly be a trickle down effect on the already weak Dominican economy and throughout the Caribbean.
This will have negative implications on countries like Dominica – whose tourism and agriculture are linked to the fortunes of developed nations. Tourism is dependent of the volume of tourists and their spending power. Agriculture on the other hand is linked to trade agreement based largely on the interests of developed economies.
It is time we stop and evaluate this likely impact on Dominica and plan a way forward that is in the best interest for Dominica. It is obvious that the sustenance of the Banana industry is handing on by a threat and Tourism is struggling under the effects of high energy prices and airline travel.
Dominica needs to seek greater economies of scale, like the organization of Eastern Caribbean states (OECS) and the CARICOM Single Market and Economy (CSME). In this context, it is in Dominica’s best interests to move quickly and path any conflict-ridden movements affecting the CSME or the OECS.
The only cushion to this trickle down effect would be the degree of unity among the Caribbean countries, and Dominica should run to the front of the line to enhance and sustain its economy.
Your Opinion: What do you think Dominica should do to curb this U.S. financial fallout?
A spectacular view of a rainbow from my apartment window in Morne Daniel.
