In its assessment, the International Monetary Fund stated a myriad unresolved issues still need to be ironed out before Brexit’s March 29 deadline. A no-Brexit deal will significantly impact the country’s economy.
On Monday, the International Monetary Fund disclosed, Britain would face a “significantly worse” economy if it were to leave the European Union in April 2019 without a deal.
According to the IMF’s calculations, the British economy is likely to grow by 1.5% in 2018 and 2019 if British Prime Minister Theresa May manages to strike an economic agreement with the EU.
In July, the IMF had said the British economy would grow by 1.4% in 2018 and 1.5% in 2019.
A disruptive Brexit is likely to lead to a “significantly worse outcome”, said the IMF said in its latest report on Britain’s economy which was published on Monday.
May is hoping to strike a deal when she meets her EU peers later this week.
After the 2016 referendum, Britain’s economy, the fifth largest in the world, had slowed down and it continues to be outpaced by most other advanced economies.
Last week however, stronger-than-expected data showed the British economy grew at its fastest pace in nearly a year, helped by the World Cup and hot summer weather.
According to the IMF there are still a “daunting” range of Brexit-related issues which need to be dealt with Britain formally leaves the EU.