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Britain's exit from the European Union will make it lose billions due to Corona

    Britain's exit from the European Union will make it lose billions due to Corona

    • 2020-10-06 09:16:52
    • 25
    Britain's exit from the European Union will make it lose billions due to Corona

    According to a report by (Baker MacKenzie), due to the new Corona pandemic and Britain's exit from the European Union without a trade deal, it will incur more economic losses in GDP estimated at 134 billion pounds annually over 10 years. GDP will decline by 2.2%, which is less than expected before the outbreak.

    Britain's exit from the European Union with a trade deal will lead to a drop in GDP by 3.1% in the long run, as well as leaving the European Union without a trade deal, the GDP will decrease by 3.9% in the long run. While its exports will decline by 6.3%.

    The report notes that the British government will need to use all the means available to it in order to mitigate the economic damage to it in the event that it leaves the European Union without a trade agreement.

    There are expectations of a trade contraction of up to 32% this year, and commercial markets are witnessing a contraction due to the Corona pandemic, amid expectations that the effects of the pandemic will increase until next year, the World Health Organization confirms that the alarm is ringing in the country, which can leave an economic contraction of 32% up to End of this year.