Despite a warning that a third of the global economy will be in recession this year, at least one Jamaican business leader says there will be no risk to Jamaica’s financial stability.

This, after Head of the International Monetary Fund (IMF), Kristalina Georgieva said 2023 would be “tougher” than last year, as the United States, Europe and China see their economies slow.

Georgieva, who was speaking on a CBS news programme recently, explained that the recession comes as the war in Ukraine, rising prices, higher interest rates and the spread of COVID in China weigh on the global economy.

In October, the IMF cut its global economic growth outlook for 2023.

In reacting to the IMF’s outlook, Chief Executive Officer of the Seprod Group of Companies, Richard Pandohie told IRIE FM news that he does not believe that Jamaica is at risk for a recession.

He noted, however, that the island might experience the impacts of recessions on other countries, due to Jamaica’s partnerships with them.