"Around two-thirds of managers expect economic conditions to deteriorate in the next 12 to 18 months," a survey by the Chartered Management Institute found.
The survey conducted by the institute also found that two in every five Britons think that US President-elect Donald Trump’s effect on the UK economy will be negative.
However, the survey showed that the long-term outlook on the British economy is less bleak, with only 49 percent of managers believing that the economy will continue to deteriorate in three-five years. Moreover, 57 percent of managers remain optimistic about their own organizations’ prospects moving forward into a post-Brexit economy.
The institute noted certain challenges that the United Kingdom would face as the nation prepared to leave the European Union, but it urged businesses to remain positive moving forward.
"As a country we need to move forward and harness pragmatic positivity…. We have an opportunity to stand together and tackle longstanding issues like the productivity gap, currently 21% lower than other G7 countries," Chartered Management Institute CEO Ann Francke was quoted as saying in the results of the survey.
In June, the United Kingdom voted in a referendum to leave the European Union. Soon after the referendum, Prime Minister Theresa May said that the country would trigger the Article 50 of the EU Lisbon Treaty by the end of March 2017, thus beginning withdrawal negotiations.
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