Clarity over Britain’s exit from the EU would strengthen the outlook for global growth, World Bank said. This move aids both the developing world and rich nations.

British Prime Minister, after several days of negotiations, said on Thursday that the EU and Britain had agreed on a “great” new Brexit deal. However, the British parliament must still approve it.

European Commission President would recommend the European Union’s speedy approval of the agreement. 

The IMF had estimated that Britain’s gross domestic product would grow by 3.5 percent to 5 percent less if it exited the EU without a deal, while such a move would shave 0.5 percent off the GDP of the EU. GDP of Britain, even with a deal, stands to drop by 2 percent.

From the forecast of 1.5 percent three months ago, the forecast for economic growth in Britain downgraded by the IMF this year to 1.2 percent. Since 2009, this growth has been the weakest.

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