29 June 2016, 11:15 GMT
MOSCOW (Sputnik) — The United Kingdom's decision to leave the European Union will have almost no influence on the German economy in 2016 but in 2017 the fallout will start to be felt, affecting the labor market and investment.
"The short term Brexit influence on Germany is not catastrophic but quite painful," the director of IMK, Gustav Horn, said.
Germany's post-Brexit GDP growth forecast has been cut by 0.5 percent to 1.3 percent while the number of those unemployed will rise by 290,000 to reach almost 3 million.
On Thursday, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.