'Hard' Brexit to be a big blow for Netherlands, IMF says

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The Union Flag on the Palace of Westminster in London (Photo: Ввласенко/Wikimedia Commons). The Union Flag on the Palace of Westminster in London (Photo: Ввласенко/Wikimedia Commons)

The Netherlands is one of the countries that will be most negatively affected in the event of a so-called 'hard' Brexit - if the United Kingdom leaves the European Union without trade agreements. Only Ireland will be hit harder, the International Monetary Fund calculates, NU.nl reports.

According to the IMF, a hard Brexit can cost the Netherlands 0.7 percent of its national income. Ireland will see a decrease of 4 percent.

The IMF investigated the consequences of a hard Brexit for the 27 EU member states. The countries that will be most affected are mainly countries with an open economy that do a lot of trade with the United Kingdom. In addition to the Netherlands and Ireland, this also includes Denmark and Belgium.

In total a hard Brexit will cost the EU an economic loss of 1.5 percent. That amounts to more than 200 billion euros. The United Kingdom will face an economic loss of 4 percent, according to the IMF. 

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