Brexit fallout will shave growth in eurozone: IMF

WASHINGTON (TIP): Britain’s decision to leave the European Union (EU) will trim economic growth this year and next across the 19 countries that share the euro currency, the International Monetary Fund (IMF) says.

The global lending agency expects the eurozone economy to grow 1.6 per cent this year and 1.4 per cent in 2017. Before the so-called Brexit vote, the IMF was projecting 1.7 per cent growth this year and next. The eurozone grew 1.7 per cent last year, fastest since 2010.

The downgrade reflects rising uncertainty, volatility in financial markets and falling exports to Britain following the vote. The surprising June 23 decision means the United Kingdom must renegotiate its trade and immigration arrangements with the EU. Many businesses are likely to delay investments in Britain and Europe until they know what the new rules will be.

8,325FansLike
26FollowersFollow
755FollowersFollow

Did You Know?

REVAMP YOUR HOUSE THIS DIWALI

They say that on the night of Deepavali, goddess Lakshmi (the goddess of wealth) makes her way to all the clean houses to shower...

PROTECT YOUR BODY FROM PREMATURE AGEING

Dance Yourself Fit

Be aware of calories from soft drinks

GET RID OF DARK LIPS