January 26, 2024
Purdue agricultural economists provide economic forecast for 2024 amid farm bill uncertainties and global dynamics
WEST LAFAYETTE, Ind. — Despite recession warnings and adverse precursors in 2022, the United States’ economy performed better than predicted in 2023. Purdue University Department of Agricultural Economics experts now look to 2024 and provide insights into the national economy, trade, policy and food prices. These findings were recently published in the Purdue Agricultural Economics Report’s annual outlook, including potential outcomes of a delayed farm bill.
“As we enter 2024, the complexities surrounding the farm bill debate persist. With federal spending cuts in focus, the projected cost of the farm bill will likely take center stage in agricultural committee deliberations this year,” said Roman Keeney, associate professor of agricultural economics at Purdue University and co-editor of the report.
“The Purdue Agricultural Economics Report will closely monitor the evolving farm bill situation through its policy brief series, offering insights into critical legislation impacting farmers nationwide.”
Inside the issue, Purdue agricultural economists predict an overall positive outlook for 2024 with modest GDP growth, low unemployment, decreasing inflation and a potential lowering of interest rates.
“The Federal Reserve increased their policy rate at the end of 2023 but has kept it stable since August. Recession is a possibility, but it would be sheer stubbornness to continue predicting recession in the face of so much good news,” said Larry DeBoer, professor emeritus of agricultural economics. “My guess: There is no recession in 2024.”
To read the full Purdue Agricultural Economics Report, visit https://purdue.ag/paer. This year’s annual outlook provides insights covering the following topics:
- The U.S. economy
- Trade and trade policy
- Predictions of a new farm bill
- Food prices
- Economic impacts of the Russia-Ukraine war
- Generational gaps in rural communities
- Dairy markets
- Purdue Crop Cost and Return Guide
- Agricultural credit
- Farmland and cash rents
The Purdue Agricultural Economics Report is a quarterly publication from the Department of Agricultural Economics. Articles in the annual outlook issue are intended to provide a road map for understanding challenges facing the agricultural economy.
About Purdue University
Purdue University is a public research institution with excellence at scale. Ranked among top 10 public universities and with two colleges in the top four in the United States, Purdue discovers and disseminates knowledge with a quality and at a scale second to none. More than 105,000 students study at Purdue across modalities and locations, with 50,000 in person on the West Lafayette campus. Committed to affordability and accessibility, Purdue’s main campus has frozen tuition 13 years in a row. See how Purdue never stops in the persistent pursuit of the next giant leap, including its first comprehensive urban campus in Indianapolis, the new Mitchell E. Daniels, Jr. School of Business, and Purdue Computes, at https://www.purdue.edu/president/strategic-initiatives.
Writer: Erin Robinson, erobin@purdue.edu
Sources: Roman Keeney, rkeeney@purdue.edu; Larry DeBoer, ldeboer@purdue.edu
Agricultural Communications: 765-494-8415;
Maureen Manier, Department Head, mmanier@purdue.edu
