Interest rates play a critical role in the economy and can have both positive and negative effects. High interest rates can slow down economic growth as they make borrowing money more expensive, leading to a decrease in consumer and business spending. This, in turn, can lead to lower demand for goods and services, which can slow down production and ultimately lead to lower economic growth.

However, high interest rates can also help control inflation and stabilize the economy in the long run. If the economy is growing too quickly and prices are rising rapidly, the central bank may raise interest rates to slow down the pace of growth and reduce inflation.

It's important to note that the impact of interest rates on the economy is complex and can depend on many factors, such as the overall state of the economy, consumer and business confidence, and government policies.

In conclusion, while high interest rates can have a negative short-term impact on the economy, they can also be beneficial in the long run by helping to stabilize the economy and control inflation.