Morocco Could Suffer $100 Losses Because of Brexit

According to a recent United Nations study, Morocco could suffer $97 million in losses if the United Kingdom does not manage to negotiate an exit agreement to leave the European Union (EU).

The UK was presumed to leave the EU end of March this year. However, Brexit has now been postponed twice, with the present deadline being the end of October 2019. The United Kingdom’s parliament continues in deadlock over whether or not to approve the government’s separation deal with the European Union, with a tiny minority of British legislators straining for a no deal exit.

According to the UN study reported by Bloomberg, the countries that will suffer most because of Brexit are Morocco, Tunisia, Egypt, Ghana, and Mozambique, while South Africa, Mauritius, Botswana, Seychelles, and Namibia will profit from a “no deal” situation.

In this situation, Morocco’s exports to the United Kingdom will reduce by $97 million, Ghana by $91 million, Tunisia by $49 million, Egypt $41 million and Mozambique $33 million. The cumulative export losses for twenty African countries could amount to $420 million.

The study also revealed that the exports of other African countries would rise by $3.66 billion, with South Africa, Mauritius, and Botswana to profit most from the – no deal – situation.

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