If British EU opponents are now rejoicing because the forecasted “horror scenarios“ in the case of Brexit did not occur, they are celebrating too soon, warns economist Simon Wren-Lewis in the Independent…

“The real damage caused by the Brexit will eventuate in the medium and long run. It is the consequence of the simple fact that it has negative influences on the growth when the trade with our neighbors will be made more difficult. Depending on the study and which form of the Brexit is assumed, the projected loss is varyingly high. In most cases, however, strong and permanent effects are expected. How major they are, will only become clear in several years. Economists argue that it will also come to clearly noticeable short-term disruptions since it is not clear what exactly follows after the EU exit. How major these short-term effects will be, is hard to estimate but they are less significant than the long-term consequences.”

Featured Image: © pidjoe via iStock