Macroeconomics and the British Commonwealth

The British Commonwealth of Nations is a supranational organization that brings together many of the former territories and protectorates of the United Kingdom (not including the United States). Created towards the beginning of the decolonization and national independence movement in the early 20th century, the Commonwealth currently counts fifty-three members states such as Canada, Cyprus, Fiji, Singapore, and Tanzania, amongst others. Given the former vastness of the British Empire, the Commonwealth represents a substantial amount of the world’s population, approximately 2.5 billion citizens, as well as an aggregate Gross Domestic Product (GDP) of some US$15 trillion (PPP). Nevertheless, the members of the Commonwealth are far from homogenous, as they represent six continents, almost 20% of the world’s land surface, and a variety of cultures.

Macroeconomics and the British Commonwealth

Today, the Commonwealth is led by the sovereign of the United Kingdom, Queen Elizabeth II, who also holds an official and honorary status in some of the member nations. As a forum for political coordination, economic integration, and social collaboration, the organization hosts a variety of regular events throughout its member nations, such as the Commonwealth Games. Similar to the Olympics, the Commonwealth Games are a multi-sporting event that has been held every four years in a city of the Commonwealth since 1930. The first games were held in Hamilton, Canada under the name of British Empire Games and the most recent were held in the Gold Coast, Australia in 2018.

Likewise, the British Commonwealth of Nations holds a biennial Heads of Government Meeting, which formally began in Singapore in 1971. This year, the Commonwealth Heads of Government Summit is being held in London, between April 16 and 20. This year’s meeting has as overarching theme “Towards a Common Future” with four focal points: prosperity, security, fairness, and sustainability.

Today, the historic head of the Commonwealth of Nations is the United Kingdom of Great Britain and Northern Ireland, which is a parliamentary constitutional monarchy. With a total territory of 243.610 square kilometers, the United Kingdom is somewhat smaller than Oregon. Furthermore, the United Kingdom has a coastline of 12.429 kilometers and shares a 443-kilometer land border with the Republic of Ireland. Geographically, the United Kingdom consists mainly of rugged hills and low mountains with rolling plains throughout the east and southeast. Similarly, the country has a temperate seasonal climate with the characteristics of being located in the North Atlantic. Currently, the United Kingdom has a total population of approximately 66 million citizens with an average age of 41 years. Likewise, about 83% of the UK’s population lives in an urban setting, notably the capital city of London with its almost 11 million inhabitants.

In terms of trade, the United Kingdom is the tenth largest export economy in the world. During 2016, the country imported US$625 billion worth of goods and exported US$404 billion, resulting in a trade deficit of US$220 billion. Furthermore, interestingly, the United Kingdom’s main trade partners belong more to the European Union than to the Commonwealth of Nations.

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