IMF downgrades global outlook on Brexit vote

Tokyo

BREXIT has "thrown a spanner in the works" of an already fragile global economic recovery with consequences that are hard to predict, International Monetary Fund (IMF) chief economist Maury Obstfeld warned Tuesday in launching the IMF's latest World Economic Outlook (WEO) report.

"From a macroeconomic perspective, the Brexit vote implies a substantial increase in economic, political and institutional uncertainty, which is projected to have negative macroeconomic consequences, especially in advanced European economies," said the IMF in the latest quarterly update of its flagship report.