EU says Brexit impact not as bad as fearedFebruary 13, 2017 - 18:47 AMT PanARMENIAN.Net - The EU on Monday, February 13 sharply improved its gloomy predictions for the British economy next year, admitting that the Brexit vote would have less impact than earlier thought, AFP says. In its winter forecasts, the European Commission said it was pencilling in growth of 1.5 percent for Britain in 2017, much higher than an earlier prediction of a lowly 1.0 percent in November. "The impact of the vote by the UK to leave the EU in the referendum held on 23 June 2016 on growth has yet to be felt," the commission said in its forecast. The EU along with many economic forecasters had made doom-laden outlooks for the British economy, predicting potential calamity if UK voters chose Brexit. However, the EU did warn that 2018 growth would sink to 1.2 percent as the effects of Brexit, including a weaker currency, crimped on investment and household demand. After a lag, "the impact of the result of the EU referendum is expected to become apparent later in 2017," the EU said. "The factors weighing on private consumption growth are expected to persist and intensify, and business investment is expected to increase only marginally," it warned. The EU's forecasts are still lower than those made by the Bank of England, which this month also raised its forecasts significantly. The British central bank lifted its growth prediction for 2017 to 2.0 percent and to 1.6 percent in 2018. Related links: Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. Azerbaijan extends Rune Vardanyan’s arrest by 5 months A court in Azerbaijan has extended the arrest of former Nagorno-Karabakh leader Ruben Vardanyan by five months. Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. |