IMF says United Kingdom’s departure from European Union to cool global growth

The International Monetary Fund said Thursday that the United Kingdom’s departure from the European Union is likely to cool global economic growth.

Spokesman Gerry Rice said shortterm macroeconomic risks were set to increase given the current high and levels of uncertainty.

Rice said Brexit had created “significant uncertainty,” and this increased the probability that growth would cool, particularly in the UK but also in the global economy.

He said the principle doubts the IMF had identified were the amount of time it would take for the UK to separate from the bloc and also for a new relationship with the EU to become established.

Rice said the IMF had asked for a “soft and predictable transition” given that prolonged periods of uncertainty could stall growth.

IMF Director General Christine Lagarde had said Sunday that much would depend on how UK and EU authorities faced up to the uncertainties.

The pound sterling has fallen by 10 percent compared to the US dollar since Friday.