Too early to make definitive judgments about Brexit

Washington

ON June 1, the Organisation for Economic Cooperation and Development (OECD) issued its latest economic forecasts. In 2016, it predicted that the world economy would grow 3 per cent, the United Kingdom 1.7 per cent and the euro area (the 19 countries using the euro) 1.6 per cent. We don't know how these figures will now be revised, but we do know the direction: down.

Whatever the long-term consequences of "Brexit" - Britain's decision to leave the European Union - the immediate effects are adverse. So are the channels by which they operate.