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Brexit macroeconomic effects on country "very small": Portugal's IMF mission chief

Xinhua, June 30, 2016 Adjust font size:

While Brexit has caused widespread uncertainty, the macroeconomic effects of Britain's move to leave the European Union (EU) are not as bad as some analysts might make out, Portugal's IMF mission chief said Wednesday.

"The macroeconomic impact of Brexit on Portugal is very small," Subir Lall, mission chief for Portugal for the International Monetary Fund (IMF), said at the Nova School of Business and Economics here, according to local media.

Lall added that in the long term, Brexit's impact depended on the economic relationship Britain will establish with the EU.

He said that while Brexit had caused uncertainty in the markets, they had now calmed down.

Even if there is a slowdown in demand, the effect on the country's gross domestic product (GDP) will be reduced, he added.

Britain's vote to exit the EU last week sent a shockwave through global markets.

On Wednesday, EU leaders met without the UK for the first time in decades. On Tuesday, thousands of pro-EU supporters gathered at London's Trafalgar square in protest to the referendum outcome. Endit