KREI Hosted 2020 Agricultural Outlook Conference

The Korea Rural Economic Institute (KREI) hosted the 2020 Agricultural Outlook Conference in Lotte Hotel Seoul on January 22, under the theme of “Inclusion and Innovation in the Rural Community and Sustainable Future.”

The Conference was composed of three sessions: The 2020 Outlook on Agriculture and Rural economy (Session I), Milestones in Agricultural Policy for Inclusion and Innovation (Session II), and Industrial Issues and Prospects (Session III). 
In the first session, Kim Hyun-Cheol, professor of the Graduate School of International Studies (GSIS), Seoul National University, delivered a special lecture on “Global Economic Changes and Korean Agriculture.” Also, Gouk Seung-Yong, head of the Department of Agricultural Outlook, presented under the topic of “The Trends and Prospects of Agriculture and Rural Economy in 2020.”

The second session (Milestones in Agricultural Policy For Inclusion and Innovation) was composed of presentations and discussions on session topics, including policy shifts, inclusive rural society, agricultural innovation, and management in supply and demand. Also, in the third session, participants presented and shared opinions on issues and prospects concerning rural industry sectors such as grains, fruits and vegetables, forest products, and livestock products.

In the Conference, KREI forecasted that agricultural production in 2020 would amount to KRW 50.438 trillion, a bit higher than KRW 50.428 trillion in 2019. Also, it predicted that the consumption of grains, vegetables, and fruits would consistently go down while that of imported fruits and meat will increase.

The production in cultivation is likely to decrease 0.4% from the previous year to reach KRW 30.572 trillion. The output in grains will grow by 1.3%, year-on-year, helped by an increase in rice and potato production, while the production of vegetables will go down by 3.7%.

In the meantime, this year’s farm household income is expected to be KRW 44.9 million due to an increase in transfer income. The transfer income is likely to grow by 15.2% year-on-year to post KRW 11.44 million, helped by the introduction of the direct payment scheme. As the increased transfer income will help to expand agricultural income in total, agricultural income for 2020 is likely to grow 1.4% to post KRW 12.95 million.