Britain’s vote to leave the European Union will hurt the economies of Britain and EU member states, especially Ireland, but will hardly affect North America, the Middle East or the Russia-led Commonwealth of Independent States, a survey showed.

Germany’s influential Ifo institute said on Monday that a poll of 762 economic experts from 112 countries showed the short-term negative effects of Brexit were expected to hit the EU15 hardest.

The term refers to Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and Britain.

“In the medium-term (in three to five years) it is expected to put the brakes on the economy in all EU member states,” Ifo said in a statement.

“For the Commonwealth countries (without Britain) slightly negative economic effects are expected in both the short and medium term,” Ifo added.

The survey was conducted between July 1 and 27.

Source: Reuters (Reporting by Michelle Martin; Editing by Richard Balmforth)