BERLIN (Sputnik) — The economic experts have pointed to the openness of the German economy and its dependence on trade as the reason for this vulnerability to the effects of Brexit, according to the press release.
DIW Berlin estimates that direct ramifications of Brexit could reduce German GDP by 0.4 percent, as well as causing a decline in business investments.
EU member states' overall GDP is expected to decrease by 0.2 percent in the first eight months after the Brexit vote, according to the press release.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.
The Brexit decision sent global financial markets into a frenzy, triggering changes of the global oil prices, currency rates and global financial indicators.
