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Brexit word added in Oxford English Dictionary    

The Oxford English Dictionary (OED) has officially added word ‘Brexit’ in it. It is among 1,500 new words added to the OED.

The OED has defined word ‘Brexit’ as “the (proposed) withdrawal of the United Kingdom from the European Union, and the political process associated with it”.

Another popular new coinage is the word ‘YouTubers’ was also added in OED. It has been defined as “frequent user of the video-sharing website YouTube, especially someone who produces and appears in videos on the site.”

Background

The word Brexit was used first after then Prime Minister David Cameron announced in 2013 that UK will hold a referendum on its EU membership. But it entered common parlance as campaigning Brexit intensified before citizen of Britain vote to leave EU in June 2016. The word Brexit has been developed from “Grexit” which describs a similar process in which Greece might leave the Eurozone. Grexit was added in OED, calling politics “a fruitful area for new words”.

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Brexit: IMF warns of repercussions for global economy

The International Monetary Fund (IMF) has warned that United Kingdom’s decision to leave the European Union (EU) has created significant uncertainty.

The uncertainty is likely to dampen growth in the near term, particularly in the UK, but with repercussions for Europe and the global economy.

Key facts

  • IMF predicts that macroeconomic and financial market impacts in the UK and EU due to Brexit will radiate outward across the globe.
  • The impacts of Brexit will lead to a rising level of uncertainty, both financial and possibly political in EU and UK.
  • IMF has urged policy makers to remain prepared to act to counter financial market turbulence and higher uncertainty to materially weaken the global outlook.
  • Prolonged periods of uncertainty and associated declines in business and consumer confidence due to Brexit would lead to lower growth.
  • IMF has urged policymakers in EU and UK to play key role in helping to reduce the uncertainty during this period.
  • It also has encouraged UK and EU to work together with a sense of collaboration in an effort to effect a predictable and smooth transition.
For more details: Brexit

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