The European Commission has revised down its forecasts for growth in the eurozone and in Britain after the country voted to leave the European Union.

In early estimates released Monday, the Commission forecast Britain will be hit harder after Brexit, predicting lower growth in 2016 and a possible recession next year.

The Commission said the eurozone is likely to see its growth cut between 0.2 and 0.5 percent by 2017 because of the referendum vote.

The European Central Bank also estimated that Brexit could reduce eurozone growth by a cumulative 0.3 to 0.5 percent compared to previous estimates over the next three years.

On Friday, the International Monetary Fund also cut its growth forecasts for the eurozone.