Three of the world’s top 10 economies are ending the year in worse shape than they started. And they’ve only got themselves to blame.
Two referendums and an unparalleled currency experiment have left them facing a very uncertain 2017. Here they are, and here’s what happened: The United Kingdom The first jolt of the year came on June 23, when the people of the U.K. voted to leave the European Union. The “Brexit” referendum had an immediate impact on global markets, sending shares crashing. They soon recovered, but the biggest loser was Britain’s currency. The pound crashed to its lowest level in over 30 years against the dollar. It has steadied since but has still lost 18% of its value.