June 29, 2020 | Council for Agricultural Science and Technology—Ames, Iowa
The Council for Agricultural Science and Technology (CAST) and the Agricultural & Applied Economics Association (AAEA) have partnered together on a new paper, Economic Impacts of COVID-19 on Food and Agricultural Markets. This publication contains insights from 31 experts and is now available for download.
COVID-19 disrupted nations around the world in 2020. People have had to alter their typical lifestyle, and the measures put into effect to reduce the spread of COVID-19 have had an immense impact on economic activity, employment, food consumption, and workplace environments.
The paper’s authors discuss the following topics: macroeconomics, trade, supply chain, consumer behavior, food service/grocery, meat processing, forestry and wood products, local food systems, food waste, food insecurity, major commodity crops, agricultural finance, agricultural labor, rural health care, and research and outreach priorities.
Keith Coble, the department head for agricultural economics at Mississippi State University, said, “Between food producers and consumers lies a complex and often-ignored food supply chain. It is ignored in part because it has consistently provided safe and plentiful food supplies.” Most of the time people’s attention is on food-borne illnesses instead of looking at shutdowns that could affect the labor supply.
“The COVID-19 crisis has also shown us the danger of disregarding scientific knowledge. There is a need to reassess the regulation of new technologies in the United States and globally,” stated David Zilberman, a professor in the agricultural and resource economics department at the University of California, Berkeley.
Many countries shut down large segments of their economies, with most employees working remotely if possible. Doing so “led to a sharp and significant loss in gross domestic product and a rapid rise in unemployment and underemployment,” said Jeffrey Dorfman, an agricultural and applied economics professor at the University of Georgia. “The challenge is to restore as much economic activity as possible while maintaining some measure of control and mitigation of the novel coronavirus.”
The commentary, Economic Impacts of COVID-19 on Food and Agricultural Markets, is available to download for free on CAST’s website.
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