The Private Sector Organization of Jamaica (PSOJ) says the duration of the Russia/Ukraine war will determine the extent of the impact on Jamaica’s economy.
Jamaica is already seeing increases in the prices of goods, such as food, animal feed and oil, as a result of the tension in Europe.
Speaking during a Twitter Space forum hosted by Barita Investments Limited last evening (March 14), PSOJ Vice President Dr. Adrian Stokes said Jamaica should manage for the rest of the fiscal year, but the situation could become worse if the war drags on.
He added that if remittances decline, the situation could be made worse.
Meantime, the Jamaica Gasolene Retailers Association (JGRA) says it is hoping for peace talks between Russia and Ukraine.
President Dianne Param said if the war does not end soon, customers will not be able to cope with the rising prices.
She noted that the increase in oil prices is not benefiting the Association.