TU's Daraius Irani discusses "Brexit's" effect on Maryland

The interim vice president of the Division of Innovation and Applied Research was interviewed by local media about the economic impact of the United Kingdom's exit from the European Union.

Daraius Irani, interim vice president of the Division of Innovation and Applied Research at Towson University, presents at the 20th annual Economic Outlook Conference back in November. Irani, who is also chief economist at the Regional Economic Studies Institute, was recently interviewed about the United Kingdom's exit from the European Union.
Daraius Irani, interim vice president of the Division of Innovation and Applied Research at Towson University, presents at the 20th annual Economic Outlook Conference back in November. Irani, who is also chief economist at the Regional Economic Studies Institute, was recently interviewed about the United Kingdom's exit from the European Union.

It is the question that’s been on everyone’s mind for the past week: What does “Brexit” mean for me?

Last week, the citizens of the United Kingdom voted on a referendum to leave the European Union. Now many are wondering if the “Brexit” will have any effect on the economies of the United States and Maryland.

Daraius Irani, chief economist at the Regional Economic Studies Institute (RESI) at Towson University, was interviewed twice on Friday about how Maryland will be affected by the “Brexit.”

In an interview with WBAL-TV, Irani said Maryland will be affected by the United Kingdom’s decision, but the impact might not be an immediate one.

“For Maryland, it’s not the end of the world, but it will have some impact at some point,” Irani said. “As the pound weakens against the dollar, that basically means that our exports become more expensive to Britain.

“As a result, then our exports tend to decline, so that means the volume at the ports, the exporting buying at the port, could go down.”

“Brexit” will impact Maryland at some point, experts say

Irani, currently serving as the interim vice president of the Division of Innovation and Applied Research at TU, was also interviewed by WMAR on Friday evening. He said that with “Brexit” Americans should pay closer attention to their stock portfolio over the coming month. Or not.

“Over the next month, you can probably expect to see a lot of volatility in your stock portfolio,” Irani said. “This would probably not be time to sell, because you’d take a beating. It may even be a time to buy because markets are going down.

Financial planners urge calm after “Brexit” vote

Irani has spent 18 years at RESI and has managed and served as lead economist on over 250 research and analysis projects ranging from policy analysis to economic and fiscal impact studies. He also has produced over 100 economic and fiscal impact statements for a variety of clients.

RESI was formed in 1989 at the University of Baltimore and moved to Towson University in 1996. Over the years, RESI has established itself as a leading expert on Maryland's economy. RESI dedicates itself to providing the highest level of services while emphasizing an interdisciplinary approach that combines knowledge with technology.