Brexit raises `genuine concerns` for long-term global growth: Obama

Britain`s vote to leave the European Union raises "longer-term concerns" about global growth at a time of already weak economic output, US President Barack Obama said Wednesday.

AFP| Last Updated: Jun 30, 2016, 06:49 AM IST
Brexit raises `genuine concerns` for long-term global growth: Obama

Ontario: Britain`s vote to leave the European Union raises "longer-term concerns" about global growth at a time of already weak economic output, US President Barack Obama said Wednesday.

"I think there are some genuine longer-term concerns about global growth if, in fact, Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole," Obama said, speaking at a North American leaders summit.

"At a time when global growth rates were weak already, this doesn`t help," he said.

The US president after meeting with his Canadian and Mexican counterparts expressed confidence in the global financial system`s resilience however, as markets rebounded Wednesday from post-Brexit losses following a bruising two-day rout.

"Given the vote of the United Kingdom to leave the European Union, our economic teams are going to continue to work together so that we remain focused on keeping our economies growing and making sure that the global financial system is stable," Obama said.

This is "something I am confident that we can do."

Both Obama and Canadian Prime Minister Justin Trudeau had made clear their desire to see Britain remain in the 28-member bloc and the fallout from the Brexit was high on the agenda in Ottawa.