The UK's vote to leave the EU will shave 20 basis points off global GDP by the end of 2018, according to the Bank of Canada – which it describes as a "modest effect" in its latest monetary policy report.
It expects the vote to reduce Canadian GDP by 10bp over the same period, reflecting limited direct trade exposure. Only 3.5% of Canadian exports go to the UK. This estimate incorporates "some second-round effects", the report said.
The projection assumes there is an "orderly exit" from the union