Sluggish Global Economic Growth

The top Agriculture Department economist says USDA’s new ag export forecast for this 2020 fiscal year is three and a half billion dollars more than this past year at $139billion. But it might have been even higher except for a sluggish pace of economic growth globally and here at home. USDA chief economist Rob Johannson says analysts had originally forecast the global economy to grow 1.6 percent in 2020.

However, the forecasts been revised downward to 1.5 percent from 1.6 percent. The U.S. economy grew 1.6 percent in fiscal 2019, but may only grow 1.3 percent in 2020.

And Johannson says both here and around the world …”as growth has been moderated by continuing uncertainty in the U.S. China trade situation, as well as potential slowing of global GDP due to Brexit and overall global economic growth slowdown, a slowdown which is likely to limit demand for U.S. exports.