US: Persisting inflation woes making 2024 seafood outlook hard to predict

Published 2024년 4월 23일

Tridge summary

In early 2023, economists anticipated recessions in the U.S. and E.U., alongside high inflation and slow growth. Contrary to these predictions, by early 2024, the E.U. experienced a modest recovery, and the U.S. saw falling inflation and increased consumer confidence. Despite these positive signs, the World Bank reported a global economic slowdown at the start of 2024, marking the weakest global growth in a decade, with the E.U. facing persistent high inflation. The European Commission's forecast also indicated a weaker-than-expected start for the E.U. in 2024, with only 0.5 percent growth. Meanwhile, the U.S. observed a shift in consumer habits towards more affordable private-label products and an increase in refrigerated seafood sales at discount stores, reflecting the impact of inflation on consumer choices. In contrast, the E.U. saw a decline in seafood consumption per capita, despite higher household spending on seafood due to increased prices. The global aquaculture industry faces challenges from inflation but remains optimistic about the recovery of seafood demand and growth in major aquaculture species, with the World Bank predicting stronger growth in Europe by 2025, excluding Russia and Ukraine.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the beginning of 2023, economists predicted the U.S. was either in – or would soon be in – a recession, while the E.U. faced similar predictions of slowed growth and high inflation.During the Global Seafood Market Conference in early 2023, Wells Fargo Senior Economist Tim Quinlan said a recession was “penciled in” for the U.S., as signs pointed to dropoffs in consumer sentiment and the highest inflation in 40 years. In late 2022, the European Commission published its economic forecast, stating the E.U. economy was at “a turning point” and predicting contracting economic activity in the first quarter of 2023, with most member states expected to “experience a technical recession” in the winter of late 2022 and early 2023.Now, a year out, it’s clear that some of those predictions weren’t entirely accurate. By autumn, the E.U.’s economic forecast had shifted to “a modest recovery ahead,” and at the Global Seafood Market Conference in early 2024, economists were predicting falling ...

Source: Seafoodsource