23 June 2016, the British public voted Out
On 23 June 2016, the British public voted for
the United Kingdom to leave the EU, an event
which many market participants had previously
identifed as a signifcant downside risk for the
global economy.
According to first surveys
among consumers and businesses, however,
sentiment in the immediate aftermath of the
referendum was noticeably depressed only in
the United Kingdom.
Yet weaker growth of the
British economy alone does not pose a signif-
cant risk to the global economy. In fact, the
strengthening labour market in the United
States – after intermittent worries that the
country could slip into recession – and the sta-
bilisation of the emerging market economies
suggest that the downside risks for the global
economy have recently eased somewhat.
EU Forecast
euf:ba18a:6/nws-01