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International Rice Outlook: International Rice Baseline Projections 2020-2030, A. Durand-Morat, S. Bairagi

Research Reports and Research Bulletins

The coronavirus (COVID-19) pandemic and subsequent lockdowns impacted all economies worldwide and created an economic recession far graver than the Great Recession, contracting the global growth of gross domestic product (GDP) nearly by 4.0% in 2020, compared to -2.0% in 2009 (IHS Markit database). COVID-19 disrupted global and local food supply chains, and resulted in a significant increase in food prices (FAO, 2021). Both global and domestic rice prices increased, driven primarily by temporary export restrictions imposed by several leading rice exporters, such as Vietnam and Myanmar. The market uncertainty also created in panic-buying and hoarding; consequently, the rice demand …