Despite recession warnings in 2022, the U.S. economy outperformed expectations in 2023, prompting experts from Purdue University’s Department of Agricultural Economics to turn their attention to 2024.
Their insights, published in the annual Purdue Agricultural Economics Report, examine the national economy, trade, policy, and food prices, highlighting the complexities surrounding the ongoing farm bill debate.
Roman Keeney, an associate professor at Purdue, notes that federal spending cuts will be a key focus for agricultural committees this year.
Looking ahead, Purdue economists foresee a positive outlook for 2024, predicting modest GDP growth, low unemployment, decreasing inflation, and potential interest rate reductions.
Larry DeBoer, a professor emeritus of agricultural economics, suggests that while a recession remains a possibility, it would be premature to predict one given the positive trends.
The report also addresses a variety of topics, including trade policy, food prices, and the economic impacts of the Russia-Ukraine war, serving as a roadmap for the challenges facing the agricultural economy.
For more details, visit the Purdue Agricultural Economics Report online.