FAPRI 2007. U.S. and World Agricultural Outlook

FAPRI Staff Report 07-FSR 1

The FAPRI 2007 U.S. and World Agricultural Outlook presents projections of world agricultural production, consumption, and trade under average weather patterns, existing farm policy, and policy commitments under current trade agreements and custom unions. The outlook uses a macroeconomic forecast developed by Global Insight. The 10-year outlook for the global economy continues to be strong, with a 3.3% average annual rate of real GDP growth, and despite crude-oil prices remaining above $50 per barrel. Real income growth in China and India is projected to be respectively 7.8% and 6.9% per year on average. East Asia’s income is also expectedto grow strongly.