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Barack Obama fears for future growth of world economy

Barack Obama speaks during a press conference at the White House. Credit: PA

Barack Obama has said there are "longer-term concerns about growth", following the UK's vote to leave the EU.

The referendum result shook reactions in the market, stock prices and global currencies.

Speaking at the North American Leaders' Summit in Canada, the US president added they were "monitoring very carefully whether there is any systemic strains on the system."

I think the preparations that were done by central banks, and finance ministers, our treasury secretary - indicate the degree to which the global economy, in the short run, will hold steady.

I think there are some genuine longer-term concerns about global growth - if in fact Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole.

At a time when global growth rates were weak already, this does not help.

– Barack Obama