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Title: EUROZONE ON THE BRINK: Germany set to be plunged into ECONOMIC CHAOS, expert warns
Source: [None]
URL Source: http://www.express.co.uk/news/world ... -economy-Brexit-European-Union
Published: Aug 14, 2016
Author: Tom Parfitt & Monika Pallenberg
Post Date: 2016-08-14 06:17:47 by Tatarewicz
Keywords: None
Views: 49

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Germany's economy could be rocked by the historic Brexit vote

The German Institute for Economic Research believes the after-shock of June's momentous Brexit vote could be felt in Berlin and beyond for years to come.

Germany's economy will be affected more than other Eurozone countries due to its reliance on exports, according to staggering new research by the group.

A spokesman said: "Even after two years, the gross domestic product will still be below the level it would have been without the shock of this uncertainty." Related articles

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Germany's trade surplus with the UK reached a record high of almost €51billion (£44billion) last year, but experts fear Brexit could sent it tumbling.

Economic analyst Marc Biese has urged Angela Merkel to keep close ties with the UK, because a staggering 750,000 jobs rely on cross-Channel exports.

Speaking last month, he said: "In Germany there is a very strong industrial sector that maintains intensive trade deals with the UK.

Germany's trade surplus with the UK was almost €51bn last year

We sell an incredible amount of cars to Britain

Marc Biese

"These are very crucial industries, 750,000 jobs are connected to these.

"This includes the entire car industry, we sell an incredible amount of cars to Britain.

"It includes mechanical engineering, the pharmaceutical industry, IT, the food industries. So very big areas in which a lot of money is turned over."

Merkel has been urged to keep close economic ties with the UK

Poster Comment:

May lose some business with Britain but this is a saturated modern market; loss can be more than made up with developing countries like Iran and should now be easier for Germans to avoid Israel-imposed sanctions.

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