BREXIT SHOCKWAVES

BREXIT SHOCKWAVES

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The outcome of the Brexit referundum has sent shockwaves across the world and Uganda a longtime ally of the colonial master is no exception.
A cross section of people Urban TV has spoken to observe that this sets a bad precedent for the East African community integration especially with recent incidents which have occasionally derailed the process.

A rare atmosphere of excitement and disappointment engulfed Britain following the Brexit referendum results which will mark the end of its membership to the European Union leaves two dominant countries Germany and France to lead and support other weaker economies among them the PIGS- Portugal, Italy, Greece and Spain.

Britain’s exit has sent shockwaves across the world with several stock markets reporting drastic drops in share prices. Uganda may not feel the immediate negative impact but analysts note that this country should rethink its economic strategies.

While some Ugandans have expressed indifference to Britain’s decision to isolate itself, there is anxiety that it has a bearing to the East African Integration process.

But there is wider consensus that Britain will soon regret the pride the has driven over 51% its  citizens who voted to leave the European Union without considering what benefits countries like the United States benefit from  wider integration.

Some international analysts are of the view that African economies which are already struggling from flat commodity prices and slowing demand from China have been thrown into confusion.

Statistics at the Uganda investment authority show that Britain is the fourth source country for licensed investment projects in Uganda.

Specific to Uganda, its diaspora population might hesitate to send remittances as they usually do as they study the situation. They will further not enjoy the cross border movement out of Britain under a single VISA as has been the case.

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