NASHVILLE, TN – USDA’s latest macroeconomic report forecasts a steady but modest economic expansion from 2024 to 2034. The U.S. economy is expected to grow at an average annual rate of 1.8%, slightly lower than the previous decade. The report forms the foundation for USDA’s long-term agricultural projections.
The global outlook is also stable, with high- and middle-income economies avoiding major recessions despite recent inflation and supply chain disruptions. While growth continues, central banks are beginning to ease monetary policies after a period of tightening aimed at reducing inflation.
Slowing population growth in some regions may limit long-term economic potential. Inflation is projected to remain above pre-pandemic levels, although disinflation trends are expected to continue into the next decade.
The report draws on data available through August 2024 and was developed in consultation with domestic and international economists. It aims to provide insight into long-range planning for global trade and agricultural production based on current trends and assumptions.