Goldman Sachs economists once again downgraded their forecast for economic growth in the United States, writing that the economy faced a “harder path” than previously thought.
The Wall Street firm now expects the economy to expand 5.7 percent this year, economist Ronnie Walker wrote in a report Monday.
Back in August, Goldman lowered its growth estimate from 6.4 percent to 6 percent. That followed a downgrade from 6.6 percent in July. Back in February, Goldman had growth at 6.9 percent.
In mid-August, the bank slashed its third-quarter forecast from 8.9 percent to 5.5 percent, citing supply chain issues and the resurgence of coronavirus as drags on the economy.
But Walker thinks some of the growth will be pushed back in time rather than lost altogether, so the bank raised its 2022 forecast to 4.6 percent from 4.5 percent. (Read more from “Biden’s Broken Economy: Goldman Downgrades U.S. Growth Forecast, Sees ‘Harder Path’ Ahead” HERE)
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