Jun 26 | 18:53 IST
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"A Brexit could do severe regional and global damage by disrupting established trading relationships," Maurice Obstfeld, the International Monetary Fund's chief economist said when the organisation published a half-yearly assessment of the world economy in April.
China, which had made no secret of its opposition, succeeded in scuttling India's bid despite a significant majority backing the Indian case. Thirty-eight countries supported India, according to Indian officials.
The Brexit referendum unanimously decided Britian leaving the European Union triggered across the global market collapse and investors racing for safe-haven assets.
The deficiency in June rains will also narrow in the days the come, Director General of IMD Laxman Singh Rathore told Reuters in an interview.
British PM David Cameron had called the referendum in 2013 and campaigned to stay in the bloc. He said the new PM is expected to take charge by October.
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