The Commission said that this assessment of the Brexit economic impact could change since the referendum had created an extraordinarily uncertain situation. Photo: Reuters/Neil Hall/File PhotoBritain's economy may slip into recession next year following the vote to quit the European Union, the European Commission estimated on Tuesday in its first assessment of the economic impact of Brexit. Britain is expected to endure a "substantial slowdown" which will limit its economic growth to between 1.3 and 1.6 percent this year, lower than earlier estimates of a 1.8 percent growth. The 23 June Brexit referendum "will affect not only the UK but also the rest of the EU economy through several transmission channels, mainly uncertainty, investment, trade and migration," the Commission added. However, it added that the UK's 'leave' vote had "generally increased risks to the outlook, particularly on the downside".

Source: Thanhnien News July 19, 2016 13:30 UTC