Experts Declare Brexit an Economic Disaster

The economic data for a post-Brexit Britain is in- and the results are not good. Out of the 19 countries currently in the EU, the United Kingdom was in the bottom 3 in terms of growth. Their growth rate was only 0.1 percent. Compare that to Austria’s GDP growth rate at 0.7 percent or Finland at 1.1 percent. This puts into stark contrast the serious negative repercussions that Brexit has already manifested in the economy of the United Kingdom.

 

One of the biggest issues facing the United Kingdom is the severe drop in business investment. In the first quarter alone, business investment dropped by .2 percent. Companies are reticent to invest money into the economy due to the fact that the political situation between the UK and the European Union is far from being resolved.

 

Economists expect that GDP growth relative to European mainland counterparts will remain slow. This is partly due to the major gap between European and British work productivity. Essentially, the UK has far less productivity per worker compared to most of their continental counterparts.

 

Brexit has ended up being a major headache for politicians on both sides of the English Channel. However, many observers have declared a clear winner in all of this kerfuffle. The European Union seems to have gotten the better side of the deal.

 

Not only does the United Kingdom expect to retain the benefits of the EU while removing itself from their union- they expect the continent to pay for it. This sadly, does not seem to be possible.