IMF warned of risk from Brexit amidst gloomy global growth forecast

Apr 14, 2016 10:31 IST

Brexit: A portmanteau combining the words "Britain" and "exit"

The term Brexit, made with combination of two words ‘Britain’ and ‘Exit’, was in news in second week of April 2016. It came in news after International Monetary Fund (IMF) on 12 April 2016 warned of risks of Brexit or Britain’s exit from the European Union (EU) amidst cutting the global growth forecast.

IMF said if the voters of Britain opt to leave the EU that the referendum could do severe regional and global damage by disrupting established trading relations.

Brexit is a political aim of some advocacy groups including individuals and political parties like justice secretary, Michael Gove, and London's mayor Boris Johnson in the United Kingdom (UK), who believe that Britain leaving the EU will be in favour of them.

The demand for it gained momentum largely because of Europe’s migration crisis and the interminable euro mess. Some recent surveys even find a majority of Britons wanting to leave.

This led to Britain’s Prime Minister David Cameron on 20 February 2016 declaring to hold a referendum on the country's membership of the EU on 23 June 2016 following the passing of the European Union Referendum Act 2015.

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