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OECD: Brexit to weaken U.K. economic growth

Jaclyn Jaeger | November 28, 2017

The Organisation for Economic Co-operation and Development projected that Britain’s exit from the European Union will result in a sharp slowdown in economic growth in the United Kingdom.

“The major risk for the economy is the uncertainty surrounding the exit process from the European Union, which could hold back private spending more than projected,” the OECD report stated.

However, the OECD noted, the U.K.’s outlook could improve amid a less disruptive Brexit: “Prospects of maintaining the closest possible economic relationship with the European Union would lead to stronger-than-expected economic growth.”

In its growth forecast, published this month, the Paris-based thinktank downgraded its 2017 growth forecast for the United Kingdom to 1.5% from its 1.6% estimate made in September. Overall, however, as projected by the OECD forecast, the United...

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