NEW YORK -- World markets are facing difficulties due to the outcome of the British referendum, known as Brexit, to leave the European Union. Investors are living in an unusual uncertain world, says economist Mohamed El-Erian.
The stunning outcome of the Brexit vote is likely to shave at least 0.5 percentage points of growth, and make both the U.K. and the EU more vulnerable to a recession, Allianz's chief economic adviser told The Nikkei. El-Erian served as CEO of U.S. bond firm Pimco until March 2014 and popularized the term "the new normal" in reference to persistent sluggish growth following the 2008 financial crisis.
