Impact of Brexit on the World

Britain’s exit from the EU, colloquially known as Brexit, sent shockwaves around the world. Nobody expected that decision, however, now that the decision has been made, it will definitely lead to a significant impact, primarily to Britian’s economy. Britain was getting a number of benefits as part of the EU, all of which it no longer will be able to. Trade to and from Britain will be severely affected, as Britain will have to individually renegotiate trade treaties independent of the EU, which may result in Britain losing out on economies of scale it enjoyed thus far. Immigrants to the country might have to leave, thus severely affecting labor practices. Similarly, British citizens living in the EU might have to return home, thus losing their job and putting more strain of welfare programs. These are just the tip of the iceberg. There will be so many more reverberating impacts of this decision, which only time will be able to tell.

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