Finance Minister Dr. Nigel Clarke says its likely Jamaica’s economy will be impacted by the conflict between Ukraine and Russia.

He states that in the short term, oil and other commodity prices will go up, but the expectation, is that eventually the prices will fall.

Dr. Clarke who was speaking at the standing finance committee of parliament this morning, was responding to concerns raised by opposition spokesman on finance Julian Robinson.

He suggested that oil prices will be higher than was projected in the 2022/2023 budget.