EUROZONE ON THE BRINK: Germany set to be plunged into ECONOMIC CHAOS, expert warns

Wednesday, August 10, 2016
By Paul Martin

GERMANY’S economy could be plunged into chaos following Britain’s decision to quit the European Union (EU), experts have said.

Wed, Aug 10, 2016

The German Institute for Economic Research believes the after-shock of June’s momentous Brexit vote could be felt in Berlin and beyond for years to come.

Germany’s economy will be affected more than other Eurozone countries due to its reliance on exports, according to staggering new research by the group.

A spokesman said: “Even after two years, the gross domestic product will still be below the level it would have been without the shock of this uncertainty.”

Germany’s trade surplus with the UK reached a record high of almost €51billion (£44billion) last year, but experts fear Brexit could sent it tumbling.

Economic analyst Marc Biese has urged Angela Merkel to keep close ties with the UK, because a staggering 750,000 jobs rely on cross-Channel exports.

Speaking last month, he said: “In Germany there is a very strong industrial sector that maintains intensive trade deals with the UK.

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