United States and Global Macroeconomic Projections to 2033

by Wendy Zeng, William Johnson, and James D. Davis

The U.S. Department of Agriculture (USDA), Economic Research Service (ERS) International Macroeconomic Data Set provides historical and 10-year projected macroeconomic variables for 181 countries, as well as regional and income groupings, that account for more than 99 percent of the world economy. The main macroeconomic variables include the real gross domestic product (real GDP), consumer price index (CPI), real exchange rates, and population. These indicators serve as the benchmark for the annual USDA Baseline agricultural supply and demand projections, which provide a 10-year outlook on U.S. and global agricultural variables. Additionally, these projections relay information on the overall health of international economies in the near future to the USDA, its stakeholders, and a variety of policymakers and market participants. These projections were completed in August 2023 based on data and expectations at that time. This report details the macroeconomic projections from 2023–2033. Furthermore, this report provides economic analysis of the present state of the global economy as well as analysis of the influence of events over the past year in various regions and countries to help users interpret the projection numbers.

Keywords: macroeconomics, macroeconomic forecasts, Gross Domestic Product, inflation, Consumer Price Index, exchange rates, population

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