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Yearender: British economy weathers Brexit insecurities
From: | Date Add in:2018-01-10 22:00:00 [A  A]




LONDON, Dec. 30 (Xinhua) -- The British economy has benefited from strong global growth in 2017, a situation which has helped it to weather the uncertainties of the Brexit process.

Before the referendum in June 2016 that set Britain on a course to exit the European Union (EU), many experts and global financial institutions, for example the International Monetary Fund (IMF), predicted that deciding to leave the 28-nation bloc would not just be harmful to the British economy, but could also set it into recession.

Just before the referendum, IMF President Christine Lagarde said the global bank had found "nothing good" to say about Brexit, and predicted a possibility of economic recession.

Britain's central bank, the Bank of England (BoE), also warned then that a Brexit vote could set up a recession.

At the end of 2017, however, it is clear that the fears of the central bank and the IMF, and of many other commentators and experts, were overblown.

The British economy has grown in Q3 2017 by 0.4 percent quarter on quarter and 1.8 percent annually.

"This year has been a very strong year for the global economy. 1.8 percent is reasonable but still lagging the eurozone and makes Britain one of the slowest growing of the major economies," Howard Archer, chief economic adviser to EY ITEM Club, a London-based financial data firm, told Xinhua recently.

"It's a middle of the road performance really. You would have hoped Britain could have done a lot better, but it could have been a whole lot worse," Archer said.



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