President of the Jamaica Manufacturers and Exporters Association, John Mahfood, says the Bank of Jamaica’s forecast of another peak in interest rates is putting the country’s economic growth at risk.
He was reacting to the BOJ’s recent projection that Jamaica’s inflation rate could peak between 12% and 15% t within the next few months.
Mr. Mahfood noted that global threats to the economy such as the war between Russia and Ukraine puts the country in an uncertain position.
He says because of this, financial institutions are reluctant to provide loans.
Mr. Mahfood is also questioning what the increase could do to several of the country’s industries.
John Mahfood, President of the JMEA.
He was speaking on Nationwide This Morning.