OECD sounds warning of sharp fall in UK and European growth if Brexit happens

London

THE Organisation for Economic Co-operation and Development (OECD) has joined other international institutions in warning of a sharp decline in British and European growth if the United Kingdom were to leave the European Union (EU).

Joining the chorus comprising the International Monetary Fund (IMF) and the Bank of England (BOE), the OECD especially warns about considerable uncertainty in the short term as the UK begins international trade negotiations following Brexit.

The OECD predicts: "A UK exit from the EU would immediately hit confidence and raise uncertainty, which would result in the gross domestic product (GDP) being 3 per cent lower by 2020."

This equates to £2,200 (S$4,324) per household; in the worst case sce…