20:38 GMT +317 November 2019
Listen Live
    Brexit

    IMF: Brexit Could Result in ‘Severe’ Regional, Global Damage

    © AFP 2019 / EMMANUEL DUNAND
    Business
    Get short URL
    456
    Subscribe

    The potential decision by the United Kingdom to terminate its membership in the European Union (EU) bloc could cause major economic damage, IMF Chief Economist Maurice Obstfeld said on Tuesday.

    WASHINGTON (Sputnik) — The chief economist made the statement at a press conference upon releasing the IMF’s World Economic Outlook report.

    "In the United Kingdom, the planned June referendum on European Union membership has already created uncertainty for investors; a "Brexit" could do severe regional and global damage by disrupting established trading relationships," Obstfeld said, according to prepared remarks.

    He also stated that the possibility of the United Kingdom (UK) terminating its membership in the European Union (EU) bloc is real.

    "One manifestation of increased nationalism is the very real possibility that the United Kingdom exits the European Union, damaging a wide range of trade and financial relationships," Obstfeld said.

    UK citizens are set to vote on June 23 in a referendum on the country's EU membership, after Prime Minister David Cameron and the leaders of the 27 European Union member states reached a deal in February to grant the United Kingdom a special status within the bloc.

    Related:

    #Hugabrit Love-Bomb Campaign Explodes in Emotional Plea to Save Brexit
    Election Watchdog Sets Out Spending Rules Amid Brexit Campaign Kick-Off
    Brussels Reaction to Dutch EU-Kiev Deal Vote Heats Up Brexit Issue
    Cameron Slammed for Jumping the Gun on Brexit Referendum Campaign
    Brexit Vote Won't Overshadow Scottish Elections, According to SNP Leader
    UK Health Service Loses $999Mln on Treating EU Citizens - Brexit Campaign
    Poll Suggests Brits Favor Brexit as Older Generation Wants Out of the EU
    Brexit Rocks Gibraltar as Spain Issues Ultimatum
    Should I Stay or Should I Go Now? Clash of the Brexit Campaigners
    Leadership Rumblings: Poll Says Cameron Should Resign in Event of Brexit
    Tags:
    World Economic Outlook, Brexit, International Monetary Fund, United Kingdom
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik