This paper is published in Volume 3, Issue 1, 2018
Area
Economic and Social
Author
Priyam Kampani
Co-authors
Shubham Eriksen
Org/Univ
Christ (Deemed to be University), Bengaluru, Karnataka, India
Pub. Date
30 January, 2018
Paper ID
V3I1-1194
Publisher
IJARnD
Edition
Volume 3, Issue 1, 2018
Keywords
Brexit, Referendum, Equity market, G7

Citationsacebook

IEEE
Priyam Kampani, Shubham Eriksen. Effects of Brexit on Singapore, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARnD.com.

APA
Priyam Kampani, Shubham Eriksen (2018). Effects of Brexit on Singapore. International Journal of Advance Research, Ideas and Innovations in Technology, 3(1) www.IJARnD.com.

MLA
Priyam Kampani, Shubham Eriksen. "Effects of Brexit on Singapore." International Journal of Advance Research, Ideas and Innovations in Technology 3.1 (2018). www.IJARnD.com.

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Abstract

Britain voted to leave the European Union (EU) at The United Kingdom European Union Membership referendum on 23 June 2016.  This move stunned the global financial market with the concern that it may hurt the global economy. Some equity markets fell by as much as 7% in value (the Dow Jones industrial average fell by 600 points, or 3.5%), erasing nearly $3 trillion in equity value. The Brexit vote has slowed down the UK economy and has become the worst performing in the G7, having been the best performing prior to the referendum. An extra £25 billion was added to the Autumn Budget to support the economy. The office for Budget Responsibility estimates the economy growing by just 1.5 per cent down from previous estimate of 2 per cent. Business investment were also affected by Brexit, with The Bank of England expecting the level of business investment to be around 25 per cent lower by 2019 relative to pre-referendum estimates. The Brexit referendum has created a havoc in various sectors of the industry spanning across the globe. This paper is aimed at assessing the implications of Brexit on Singapore’s real economy – in terms of trade, investment flows and tourism.  

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