{"id":4040,"date":"2024-01-06T19:02:00","date_gmt":"2024-01-06T19:02:00","guid":{"rendered":"https:\/\/new.www.purdue.edu\/newsroom\/?p=4040"},"modified":"2024-06-27T19:08:02","modified_gmt":"2024-06-27T19:08:02","slug":"purdue-agricultural-economists-provide-economic-forecast-for-2024-amid-farm-bill-uncertainties-and-global-dynamics","status":"publish","type":"post","link":"https:\/\/www.purdue.edu\/newsroom\/2024\/Q1\/purdue-agricultural-economists-provide-economic-forecast-for-2024-amid-farm-bill-uncertainties-and-global-dynamics","title":{"rendered":"Purdue agricultural economists provide economic forecast for 2024 amid farm bill uncertainties and global dynamics"},"content":{"rendered":"<div class=\"purdue-initial-words-wrap\"><p class=\"purdue-initial-words wp-block-paragraph\">WEST LAFAYETTE, Ind. &mdash;<\/p> \n<p>Despite recession warnings and adverse precursors in 2022, the United States\u2019 economy performed better than predicted in 2023. Purdue University&nbsp;<a href=\"https:\/\/ag.purdue.edu\/department\/agecon\/\" rel=\"noreferrer noopener\" target=\"_blank\">Department of Agricultural Economics<\/a>&nbsp;experts now look to 2024 and provide insights into the national economy, trade, policy and food prices. These findings were recently published in the&nbsp;<a href=\"https:\/\/ag.purdue.edu\/commercialag\/home\/purdue-agricultural-economics-report\/\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Purdue Agricultural Economics Report<\/strong><\/a>\u2019s annual outlook, including potential outcomes of a delayed farm bill.&nbsp;<\/p>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u201cAs 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,\u201d said&nbsp;<a href=\"https:\/\/ag.purdue.edu\/department\/agecon\/directory.html#\/rkeeney\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Roman Keeney,<\/strong><\/a>&nbsp;associate professor of agricultural economics at Purdue University and co-editor of the report.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe 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.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe 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,\u201d said Larry DeBoer, professor emeritus of agricultural economics. \u201cMy guess: There is no recession in 2024.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To read the full Purdue Agricultural Economics Report, visit&nbsp;<a href=\"https:\/\/purdue.ag\/paer?_ga=2.22451582.479294034.1705424467-1404664547.1698773253\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>https:\/\/purdue.ag\/paer<\/strong><\/a>. This year\u2019s annual outlook provides insights covering the following topics:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The U.S. economy<\/li>\n\n\n\n<li>Trade and trade policy<\/li>\n\n\n\n<li>Predictions of a new farm bill<\/li>\n\n\n\n<li>Food prices<\/li>\n\n\n\n<li>Economic impacts of the Russia-Ukraine war<\/li>\n\n\n\n<li>Generational gaps in rural communities<\/li>\n\n\n\n<li>Dairy markets<\/li>\n\n\n\n<li>Purdue Crop Cost and Return Guide<\/li>\n\n\n\n<li>Agricultural credit<\/li>\n\n\n\n<li>Farmland and cash rents<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<a href=\"https:\/\/purdue.ag\/paer\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Purdue Agricultural Economics Report<\/strong><\/a>&nbsp;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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">About Purdue University<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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\u2019s 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&nbsp;<a href=\"https:\/\/www.purdue.edu\/president\/strategic-initiatives\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.purdue.edu\/president\/strategic-initiatives<\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WEST LAFAYETTE, Ind. &mdash; Despite recession warnings and adverse precursors in 2022, the United States\u2019 economy performed better than predicted in 2023. Purdue University&nbsp;Department of Agricultural Economics&nbsp;experts now look to 2024 and provide insights into the national economy, trade, policy<\/p>\n","protected":false},"author":7,"featured_media":273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"department":[6],"source":[29],"purdue_today_topic":[72],"coauthors":[181],"class_list":["post-4040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","department-agriculture","source-purdue-news","purdue_today_topic-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/posts\/4040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/comments?post=4040"}],"version-history":[{"count":2,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/posts\/4040\/revisions"}],"predecessor-version":[{"id":4042,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/posts\/4040\/revisions\/4042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/media\/273"}],"wp:attachment":[{"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/media?parent=4040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/categories?post=4040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/tags?post=4040"},{"taxonomy":"department","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/department?post=4040"},{"taxonomy":"source","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/source?post=4040"},{"taxonomy":"purdue_today_topic","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/purdue_today_topic?post=4040"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/coauthors?post=4040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}