Brexit and its Effect on the E.U. in Terms of the Economy : -A Qualitative Content Analysis

Sammanfattning: This research paper aims to explore the economic effects of Brexit on the European Union. The main research question is: What were the Brexit's effects on the E.U. economy? The study was conducted through a systematic literature review, focusing on existing literature to explain the various impact of Brexit on the E.U. The review materials were sourced from news articles, previous research studies, government statements and documents, European Union statements and documents, peer-reviewed articles, academic texts, and literature on the topical issues by experts. The main objective of the research study was to explain all economic effects the Brexit has on the E.U., bearing in mind that liberalism thrives on opening up the international border to free movement of goods and people. The Brexit reintroduced restrictions on the cross-border movement of goods and people between the U.K. and the E.U., impacting both regions economically. The study establishes that the Brexit had a wide range of economic effects on the E.U., which included inflations, relocation of businesses, loss of jobs, cheapening of labor, increased registration of new business companies in the E.U., the decline in the GDP, loss of market, and custom wall. The E.U. member states that traded much with the U.K. suffered most of the impact because of strong economic ties.