Author(s): Mohammed Sawkat Hossain
This is a secondary research-based case study that designates the recent global financial issue of Brexit. Hence the primary subject matter of this study involves an analysis and critical review of United Kingdom (UK) exit from European Union (EU). At one strand, we analyze that Brexit is likely to reduce excessive immigration from European Economic Area (EEA) countries to UK and might reduce the possible challenges for UK unemployment and living standard. At another stand, we forecast that Brexit might degrade the UK's real per capita income, create greater uncertainty and thereby decline consumer confidence. Hence the referendum might present a notable reduction in GDP, trade and investment, as well as household losses from hyper-inflation. Therefore, as of March 2019, the so called "Divorce bill"- the UK's inheritance of exiting EU trade agreements, relations with Ireland, and other EU member states still remains uncertain. The precise impact on UK might depend on whether the process would be ultimately a" Hard" or "Soft" Brexit. Therefore, there is a global curiosity and debate if UK should be a member or leave the EU with or without a further deal, though UK is now due to leave the EU at 23:00 GMT on 31 October 2019. All in all, the significance of the study is that it deeply reviews the challenges and opportunities in the global landscape; what possible problems it might encounter; and what strategies it should adopt to sustain economic growth due to Brexit.