MOSCOW (Sputnik) — Germany's economy will suffer the hardest if British citizens vote against staying in the European Union in the upcoming referendum, President of the Munich-based Ifo Institute for Economic Research Clemens Fuest said.
"Germany would probably be the biggest loser due to a proposed referendum on the United Kingdom's membership to the European Union, apart from the UK itself," Fuest said, quoted by the German Der Spiegel magazine.
Fuest warned that so-called Brexit would affect the whole German industry, as the United Kingdom is Germany’s third-largest export partner.
On June 23, the United Kingdom will vote on whether to remain part of the European Union or reestablish sovereignty. Supporters of UK exit from the bloc argue that EU membership has eroded Britain’s independence to make laws, direct its economy and control its borders. Opponents warn that leaving the EU could deeply harm the country’s economy.
