In response, Citi has revised down UK GDP growth forecasts sharply by around 3 percentage points over three years and warns that the UK is likely to face a recession in 2H 2016. In the Eurozone, the research house expects GDP growth to be negatively affected by up to 1.0pp cumulatively over the next 3 years. The impact on non-EU countries is expected to be limited, with global growth forecast at 2.4% in 2016.
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