While agriculture has been steadily shrinking in terms of its share of GDP, its share in employment remains both dominant and relatively static. In effect, a constant proportion of the labour force is generating a declining share of output.
History is useful, but it can only tell us so much, particularly in situations without historical precedent. The current situation is different from past episodes in at least four ways. First, the pandemic created unprecedented disruptions to global supply chains. Second, the  -8pandemic is having a long-lasting effect on labor force participation rates.