Great Britain leaves European Nation, financial experts speak ou - WALB.com, South Georgia News, Weather, Sports

Great Britain leaves European Nation, financial experts speak out

South GA financial experts are speaking out on Great Britain's decision (Source: WALB) South GA financial experts are speaking out on Great Britain's decision (Source: WALB)
Ten percent of foreign trade comes from Northern Europe (Source: WALB) Ten percent of foreign trade comes from Northern Europe (Source: WALB)
Experts believe the decision was made in concern for terror attacks (Source: WALB) Experts believe the decision was made in concern for terror attacks (Source: WALB)
Vic Sullivan (Source: WALB) Vic Sullivan (Source: WALB)
Aaron Johnson (Source: WALB) Aaron Johnson (Source: WALB)
ALBANY, GA (WALB) -

Friday morning, Great Britain voted to leave the European Union. The question now is how this move will impact our economy.

South Georgia financial experts spoke out on the decision.

Despite all the scares and drops in the stock markets there is some good news. Experts say people in Georgia shouldn't be too worried, but things could definitely change in the next few years.

In a historical vote, Great Britain did something they'd been discussing for some time now. They officially dropped out of the European union.

Although it wasn't a complete shocker, polls and markets weren't predicating it this time around.

Vic Sullivan has been a financial adviser with Wells Fargo for more than 35 years. He said he's surprised by the news.

"There really isn't a precedent for a country coming out of a large economic union like this," said Sullivan.

Currently in the state of Georgia roughly $33.3 billion comes from foreign trade. Ten percent of it is from Northern Europe.

"We do business with people all over the world and there aren't many companies so dependent on just England…that the impact is going to be substantial," said Sullivan.

Aaron Johnson is an economics professor at Darton State College. He said the real concern, for Georgia especially, is if other countries will follow suit.

"It could lead to a deeper recession and that could filter through the globe," said Johnson.

Some experts say Great Britain could have pulled out because of worries about terror attacks and border issues.

"We are in the very early stages of this, but it wouldn't surprise some to see other countries bring this up," said Sullivan.

Johnson and Sullivan say investors in Georgia shouldn't be too concerned if they've been smart and have plans for something like this.

"For those investors that are here, they are generally in a pretty good position, even with all of this on the table," said Sullivan.

Friday night the Dow Jones industrial average closed down over 600 points in the wake of the U.K. voting to leave.

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