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Goldman lowers US GDP forecast, sees 4.6% contraction for 2020
LONDON (July 5): Goldman Sachs Group Inc economists have revised down their estimates for the US economy this quarter, but predicted it will be back on track in September after some states imposed fresh restrictions to combat Covid-19.
While consumer spending appears likely to stall this month and next, economists led by Jan Hatzius said other economies have proved it is possible to resume activity and changes in behaviour such as wearing masks will help too.
"A combination of tighter state restrictions and voluntary social distancing is already having a noticeable impact on economic activity," the economists said in a report published yesterday.
The economists said they now expect the economy to grow 25% in the third quarter having previously predicted 33%. That would result in the economy slumping 4.6% this year, worse than the 4.2% previously seen.
But the Goldman Sachs economists said they still expect growth of 5.8% next year and now project unemployment will be at 9% at the end of this year, down from the previous estimate of 9.5%.
- Bloomberg
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CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
greedy44444
Who cares about GDP ? The Nasdaq indice is at all time high today.
2020-07-05 21:47