(VOVworld) – A decision by Britain to leave the EU would result in a negative and substantial hit to the economy, permanently lower incomes, and harm the economies of other European states, the International Monetary Fund (IMF) said on Saturday. In the short term, the IMF said, Britain’s exit from EU (Brexit) would push the economy into recession next year. In the longer term, the damage caused by an extended period of uncertainty and the likely higher costs of trade would be sufficient to wipe out any gains the UK got from reduced contributions to the EU. International organizations, including the Organization for Economic Cooperation and Development (OECD) and the World Bank as well as EU policy makers have warned of possible consequences of Brexit amid the UK’s upcoming referendum on June 23rd.