The International Monetary Fund says Brexit was a big mistake.

In a report issued Tuesday, the bank predicted that as a result of Britain’s decision to exit the European Union, the U.K economy will grow 0.2 percentage points slower, or 1.7%, this year and 0.7 percentage points slower, or 1.3%, in 2017. Notably, this means that the British economy will avoid a recession, despite many analysts predictions that leaving the EU would plunge Great Britain and Northern Ireland into negative growth.

The IMF argued that the reason the U.K economy will grow slower boils down to increased uncertainty. “This uncertainty is projected to take a toll on confidence and investment, including through its repercussions on financial conditions and market sentiment more generally,” the report reads. The basic idea is that British businesses will hold off on new investment projects until they understand what the trade rules between the U.K. and the rest of the world will be.