Growth: Brexit Affects It
- Jul 28, 2016
By Peter G. Hall, Vice-President and Chief Economist, Export Development Canada
The British referendum result sent a seismic shock across the globe, and the aftershocks are still being felt. Analyzing the implications of the unexpected result is no small feat. Key events immediately following the vote shrouded the UK's near future in an inky darkness, and at this point it's unclear if anyone is close to finding the light switch. Concern among Canadians is high. Both Canadian and international CEOs cited the impact of global forces on business among their top three concerns in a recent KPMG study, and questions about Brexit ranked second overall on my recent cross-Canada speaking tour. Is it possible at this point to assess the impact on Canadian exporters?
Clearly, there's a lot at stake. $15 billion of Canadian goods are shipped to the UK annually, enough to rank as our third-largest international market. In addition, the UK accounts for 5.5 per cent, or $5.5 billion, of Canada’s total export
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