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Economic impacts of COVID-19 on food and agricultural markets
Story Date: 6/30/2020
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Source: CAST, June 2020
This paper examines the many economic factors and impacts of the COVID-19 pandemic, with a focus on the agriculture sector. In efforts to slow down the spread of COVID-19, many states and countries shut down several economic areas such as tourism and entertainment venues, restaurants, personal services, and some manufacturing facilities. This has led many areas into a recession. The authors of this paper examine the effects this recession has on these 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.
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