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Brexit could spark global recession

Duncan Richardson, News Editor
2 Jun 2016, 9:43 a.m.

The organisation for Economic Co-operation and Development (OECD) has slashed its growth forecast for the UK as the likelihood of a Brexit rises. For the first time opinion polls suggested a narrow lead for the leave campaign. Bureaucrats in Brussels worry that a Brexit would spark a spate of similar votes across the continent and undermine the Euro project.

The economic think tank believes a Brexit could send shockwaves across an already fragile global economy.

As economies stall the OECD is calling for governments to act to boost output and stop the world falling into a prolonged period of economic stagnation. With governments drowning in an ocean of debt this may be hard to achieve. If nothing changes policy makers run the risk of ruining a generation. Low growth will limit the prospects of the young and low returns on pensions will decimate the retirement of thousands.

The UK economy is now growing at its slowest rate since 2012 and growth for the U.S and Japanese economy has also been downgraded.

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