Forecasted losses from WTO tariffs UK in Belgium 2019, by export sector
According to estimates from the International Monetary Fund (IMF), the economic output of the EU-27 could be reduced by 1.5 percent of GDP by 2030. Ireland, the Netherlands, Denmark and Belgium, all countries with close trading links to the UK, would be hit hardest. Germany would lose 0.5 percent of its GDP due to industrial supply chains. Nations with financial ties to the City of London, such as Malta, Cyprus and Luxembourg, would also be negatively affected by a "no deal".