Research Reports
Effects of Macroeconomic Conditions Changes on Agricultural Economies and Challenge
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AuthorKim, Taehoo
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Publication Date2024.02.22
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Original
Purpose of Research
○The rapid changes in the international situation, such as the Russia-Ukraine war, have increased the uncertainty in both domestic and foreign macroeconomies. Limitations in oil supply and expansion in private consumption have led to rising international oil prices, and climate change, along with the crisis in the global supply chain, are causing an increase in international grain prices. Additionally, volatility in exchange rates, a major external macroeconomic factor, is also increasing. Thus, the recent rise in oil and grain prices and the worsening of the international situation are the primary causes of import price inflation. These factors are also significantly affecting the agricultural sector, leading to a decline in agricultural and livestock product prices, consequently decreasing farm incomes and deteriorating agricultural trade conditions.
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