MOSCOW (Pakistan Point News / Sputnik - 07th July, 2023) Global agricultural and food production will continue to grow over the next ten years, but growth rates will be lower than the previous decade due to demographic trends, the UN Food and Agriculture Organization (FAO) and Organization for Economic Cooperation and Development (OECD) said on Thursday.
"Production growth to slow in step with population, while geopolitical tensions, climate change, animal and plant diseases and price volatility pose long-term uncertainty," the FAO and the OECD said in a joint statement.
According to the OECD-FAO report, global production of crops, livestock products and fish will grow at an average of 1.1% per year during the period from 2023 to 2032. It is half the pace recorded in the decade ending in 2015.
Total food consumption is expected to grow by 1.3% per year until 2032, "indicating an increase in the share of agricultural commodities used as food," according to the statement.
"These projections assume a fast recovery from recent inflationary pressures, normal weather conditions, no major policy changes and on-trend evolution in consumer preferences," the statement read.
The report provides a special assessment of key farming input prices, which have risen in price significantly over the past two years.
