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Commissioner for Economic Affairs, Pierre Moscovici said that the uncertainty associated with the withdrawal of the UK from the European Union's structure, leading to slower economic growth in the eurozone and the UK. He also warned that the longer the period of uncertainty, the higher the price to pay in the region.
"According to earlier estimates, Brexit reduce Britain's GDP growth rate with 1-2.5 percent by the year 2017 and the euro area economy is likely to lose 0.2-0.5 percent of GDP by 2017." In May, the European Commission predicted the eurozone GDP growth of 1.6 percent in 2016 and 1.8 percent for next year.
The International Monetary Fund last week lowered its forecasts for growth in the euro zone economy, citing the uncertainty created by the unexpected outcome of the British referendum. Now the lender is expected to expand by 1.6 percent this year and 1.4 percent in 2017.
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