Barbados could see rising prices, eventually leading to inflation and an increase in the cost of living as a direct result of the current Russia/Ukraine crisis.
Finance expert Professor Justin Robinson made the projection yesterday, saying that while the war being waged between the two eastern European states was “physically quite far from Barbados”, it will likely impact the global economy and ultimately have a spin-off effect on Barbados.
“We are quite connected to the global economy and what happens in one part of the global supply chain has impact on the others, so I do anticipate that there will be a negative impact for Barbados,” he said.
“I think the immediate effect of the Ukraine crisis would be on prices, the cost of living and inflation in Barbados, mainly through the price of oil and gas which is a major input in the economy and the cost of goods.” (GC)
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