Brexit: Uk Growth and Brexit Deal

brexit: The World Economic Outlook completed in March before the latest developments in Brexit predicted UK growth of 1.2% in 2019 on the assumption that a Brexit deal is done, according to The Guardian. Growth in 2020 has also been revised down by 0.1 points to 1.4% since the fund's last WEO in October, but the IMF said its projections were surrounded by uncertainty. Ahead of Theresa May's plea to EU leaders for a further delay to Britain's departure, the IMF used a downbeat half-yearly assessment of the global economy to predict that the UK economy could be 3.5% smaller than expected by 2021 if trade barriers were swiftly erected. It said there were alternative no-deal scenarios in which the UK would be hit by trade barriers, customs delays, barriers to financial services firms and the loss of preferential access to non-EU countries under trade deals negotiated by Brussels. It stressed that a no-deal Brexit that severely disrupts supply chains and raises trade costs could potentially have large and long-lasting negative impacts on the economies of the United Kingdom and the European Union . graph The Washington-based IMF said some of the damage would be mitigated if the two sides recognised existing product standards, at least temporarily. The impact of these would be enough to cause output to decline in 2019 and 2020. (news.financializer.com). As reported in the news.