After a year of economic shocks that included supply chain disruption, global conflict, tight margins and historic inflation, Purdue University Department of Agricultural Economics experts are looking ahead to what the agricultural sector can expect in 2023.
Those findings were recently published in the Purdue Agricultural Economics Report’s annual outlook issue.
“Signs are pointing to another uncertain and volatile year in agriculture,” said Roman Keeney, associate professor and co-editor of the report. “In 2023, our experts are assessing the possibility of a recession, impacts from the ongoing war between Russia and Ukraine, as well as expectations for input costs and food prices.
“Additionally, the 2018 Farm Bill is set to expire in September, which makes 2023 an important year for farm policy. Following multiple years of emergency support and agriculture benefitting from COVID relief packages, government direct support to agriculture is set to fall dramatically.”
Inside the issue, Keeney discusses the implications of these changes and notes that the short timeline and a wave of new congressional representatives could make replacing the 2018 Farm Bill in 2023 a significant challenge.
Read the full Purdue Agricultural Economics Report 2023 outlook issue.
