Economist Reacts to BOJ Statements

Since the latest digital conference by the Bank of Jamaica, (BOJ) concerns have surfaced surrounding the possibility of a recession in Jamaica. The potential impact on the economy is related to several factors- including the ongoing conflict between Russia and Ukraine, and the inflation among Jamaica’s trading partners.

On Wednesday, at the quarterly monetary policy committee press conference, the BOJ’s Governor Richard Byles, said the Jamaican economy has been doing well. He added that the Jamaican economy is not at risk of entering another recession. 

However, Economist and Executive Director of Caribbean Policy Research, Dr. Damian King, says since Jamaica is a small open economy with trade making up the equivalent of more than half its GDP, a global recession must affect its economy.

The BOJ has predicted an increase in inflation rates for at least the next two months. Watch the full report for details:

Reporter: Jhanielle Powell