Brexit will hit the poorest people in the world because Britain's economy is so influential, the head of the World Bank has warned.
Dr Jim Yong Kim today said shockwaves of leaving the EU could become one of the biggest risks facing the global economy.
And he warned that instability could have "very negative effects... on the countries we serve."
The World Bank chief spoke out as new Treasury analysis claimed Brexit could cost up to 820,000 British jobs and plunge the nation into a year-long recession.
He told BBC Radio 4's The World At One: "The issue of the Brexit is up to the voters of the UK. But we have been watching very carefully, and we are very concerned about the potential impact of an exit vote on developing countries.
Japan’s Aso says there’s no intention to devalue yen
Japan’s finance minister said Tuesday that the government has no intention to try to boost exports by undercutting the yen, countering suspicions among foreign authorities that Tokyo may be considering just that.
Aso has repeatedly signaled over recent weeks that he wants to undertake direct intervention if the yen makes the kind of abrupt gains seen in April and May.
U.S. Treasury Secretary Jacob Lew has strongly warned him not to, and European officials have also expressed opposition to such actions. Washington is worried that intervention by Japan could cause other struggling economies to follow suit, resulting in a multinational competition to devalue currencies that could undermine global growth.
Oil prices fall below $48 as dollar gains, but possible stock drawdown supports
Oil prices fell in thin trade on Tuesday as the U.S. dollar strengthened, but losses were curbed by a likely drawdown in U.S. crude and gasoline stockpiles.
Brent futures had declined 14 cents to $48.21 a barrel by 0307 GMT, after closing down 37 cents in the previous session, U.S. crude futures dropped 8 cents to $48.00 a barrel, having settled down 33 cents the day before.
The dollar index rose against a basket of currencies on Tuesday, as investors continued to factor in an increased chance of a near-term U.S. interest rate rise.
Reference: Mirror.co.uk, MarketWatch, Reuters
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