Global Economic Growth Will Be Lower Because of Brexit Vote, IMF Says

The unexpected vote creates "substantial" uncertainty and will harm growth.

“Brexit has thrown a spanner in the works,” said Maurice Obstfeld, IMF Chief Economist and Economic Counselor, using the British word for a wrench.

Had the vote gone the other way, the IMF said it would have actually revised April’s forecast upward by 0.1 percent.

The good news is that the United States should be minimally affected, according to the fund.

“The impact of Brexit is projected to be muted for the United States,” the report said.

The U.S. economy is projected to grow by 2.2 percent in 2016 and 2.5 percent in 2017, according to the report.