German bank reveals THREE EU countries will face the toughest hit from Brexit

Financial experts at the banking group insist the results also will be felt across Europe’s largest economies, including Germany and France.They warn “big four euro area economies will all face below-average costs”.

German bank reveals THREE EU countries will face the toughest hit from Brexit
Angela Markel

Deutsche Bank analysts have predicted Malta, Luxembourg and Ireland can pay the heaviest price for Brexit. Financial experts at the banking group insist the results also will be felt across Europe’s largest economies, including Germany and France.They warn “big four euro area economies will all face below-average costs”.

Brexit talks between the united kingdom and therefore the European Union remain on the brink following a stalemate eventually week’s crucial European Council summit.Deutsche Bank insist albeit a breakthrough is formed before the top of the transition period, the value of trade between the 2 sides will increase.

The UK will leave the EU union and single market and therefore the German Bank has highlighted the potential impact of non-trade barriers – which could arise from restrictions on goods and services.In a statement analysts from Deutsche Bank said: “Tariffs structure only alittle a part of the direct trade cost from leaving the EU.“Of more significance is that the prevalence of non-tariff barriers.

“These will weigh down trade no matter whether the united kingdom and EU trade on preferential terms or not.”Despite the continued impasse between the united kingdom and Brussels, Deutsche Bank ultimately expects a Canada-style trade deal to be reached.They forecast such an appointment would shed 0.6 percent off Britain’s gross domestic product (GDP) with a price of 0.2 percent to the EU’s GDP.

With global economies reeling from the coronavirus pandemic, experts predict both economic will recover next year no matter any formal trade agreement between the united kingdom and EU.They add: “While in the other year, the trade shock from Brexit would likely end in a yearly contraction.“We expect both the united kingdom and EU economies to grow next year, deal or no deal.”
EU negotiator Michel Barnier landed in London on Thursday evening to reconvene Brexit trade talks together with his UK counterpart David Frost.

They add: “While in the other year, the trade shock from Brexit would likely end in a yearly contraction.“We expect both the united kingdom and EU economies to grow next year, deal or no deal.”EU negotiator Michel Barnier landed in London on Thursday evening to reconvene Brexit trade talks together with his UK counterpart David Frost.