UNITED STATES (VOP TODAY NEWS) — The German Association of Foreign Banks said that in the next 12-18 months, up to 5,000 new jobs will be created in the member institutions of the association due to the UK’s withdrawal from the European Union, Reuters reports.
The association of lobbyists for non-German banks in Germany said at an event in Frankfurt that although the institutions are working hard on preparing for Brexit, not everything will function and is fully set up immediately after the completion of Brexit.
The associations also added that almost 50 financial institutions decided to intensify their activities in Germany.
The Federation of German Industry (BDI) said earlier that the German economy will grow by 0.7% this year if the UK withdraws from the European Union without an agreement on conditions, which is a darker forecast for Europe’s largest economy than in the case of “soft Brexit”.
“The UK economy is undergoing a severe downturn, “- said the head of the BDI Dieter Kempf he said.” hard “Brexit reduce the growth of the German economy at least 0.5% in 2019
The BDI previously forecast that the German economy will grow by 1.2% this year.
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