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Brexit Uncertainty Influencing the Global Economy
Britain’s political landscape is one of the main contributors reshaping the global economy by skewing risks to the downside. Output growth was moving slightly upward before the U.K.’s referendum vote to leave the European Union (Brexit) (Chart 1). However, in the wake of the Brexit vote, the global growth outlook has been revised marginally downward, and the Dallas Fed’s G-40 global economy aggregate index (excluding the U.S.) forecasts marginally slower growth than previously expected. The Brexit vote June 23 and developments in Japan have been the major events leading to the modification of the 2017 global ... (full story)