Jamaica Preparing For Impact From Ukraine – Russia Conflict
Jamaica Prime Minister Andrew Holness, says they are monitoring and preparing for the impact that the country’s economy will face brought about by the conflict between, Ukraine and Russia.
2022-03-02 19:45:38 - VI News Staff
“We expect that the impact on Jamaica could be through the global energy prices, oil prices, in particular, and possibly through some commodities, maybe wheat [and] flour prices.”
Holness added that the tensions between Ukraine and Russia can also lead to the fallout of global production and greater demand for shipping, with increased prices.
“Global inflation impacts local inflation and external shock. Energy prices [might] go up as a result of uncertainties in the energy market,” he further pointed out.
He noted, however, that the Jamaican economy continues to show strong recovery even in the face of crises and likewise urged the energy and agricultural sectors to be more resilient.
“We need to do much more in our energy resilience. We have not done enough to cut our reliance on oil when we have abundant sunshine and wind. We have been, as a country, toying with our energy policy.”