WASHINGTON — The U.N. on Wednesday warned of a possible economic slowdown in the U.K. if Britain voted to leave the European Union.
Development Program’s director, Paul Collier, warned that the economic consequences for Britain of a vote to quit the bloc could be serious.
“There is a risk of a recession in Britain and the potential for a sharp drop in exports,” Collier said in a statement.
“The effects of Brexit could be devastating, particularly for the most vulnerable parts of the economy.”
The United Kingdom’s economy shrank by 0.4% in the third quarter from the previous quarter, the fastest decline in four years.
Britain has already announced it is pulling out of the European bloc.
It is one of the world’s fastest growing economies.
British Prime Minister David Cameron said last week that his government is ready to leave.
In a sign of the economic pain the U