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Brexit may increase Austrian annual EU contribution by 200-300 mln euros: economist

Xinhua, November 24, 2016 Adjust font size:

A British departure from the European Union could result in Austria increasing its monetary contributions to the union by 200 to 300 million euros (211 to 317 million U.S. dollars) each year, the head of a leading Austrian economic institute stated Wednesday.

Austria Press Agency reported that Martin Kocher, director of the Institute for Advanced Studies (IHS), said while the direct effects of a so-called "Brexit" on Austria are anticipated to be small, indirect ones could be much more significant.

Alongside the increased contribution, Kocher also anticipates a 0.1 to 0.2 percent drop in gross domestic product growth in the coming years, coming in at 0.4 to 0.5 percent lower by 2020 than if Britain would have remained a member state.

He said while negative effects loom for both sides, he does not anticipate a "hard Brexit" marked by a clear divide between Britain and the EU and a fallback to WTO trade regulations, though he acknowledged that the threat of this will be brought up during the upcoming negotiations.

Kocher also said he does not believe a reversal of the decision to leave the EU is likely. Endit