Brexit 'puts a spanner in the works' for output growth

The International Monetary Fund (IMF) released yesterday a report which focused mainly on the aftermath of the UK's referendum on EU membership in June which, of course, led to the so-called Brexit.

According to the IMF, the UK's decision to leave the EU has 'thrown a spanner in the works' of their global growth forecast. Back in April, it was projected that output in the United Kingdom would increase by 1.9 percent and in 2017, 2.2 percent. In reaction to the economic shockwaves created by the Brexit vote, these projections have been revised down by 0.2 and 0.9 percentage points respectively.

The revision has also had an effect on the global outlook, with forecasts being revised by 0.1 percentage points for each of the coming two years results.