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Goldman Sachs cuts US growth forecast as commodity prices bite

FILE PHOTO: A customer counts their cash at the checkout while purchasing an item at a Best Buy store in Flushing
FILE PHOTO: A customer counts his cash at the checkout while purchasing an item at a Best Buy store in Flushing, New York March 27, 2010. REUTERS/Jessica Rinaldi

March 11, 2022

SINGAPORE (Reuters) – Analysts at Goldman Sachs have downgraded their forecast for US economic growth for this year as they expect surges in oil and other commodities since Russia’s invasion of Ukraine to weigh on spending.

The investment bank cut its annualized growth forecast to 2.9% from a previous expectation of 3.1%. It expects real gross domestic product growth of 1.75% in the fourth quarter versus a previous forecast of 2%.

Goldman analysts led by Jan Hatzius said there were additional downside risks if shortages in key metals curbed US production and put the chance of a recession next year at between 20% and 35%.

(Reporting by Tom Westbrook; Editing by Tom Hogue)

https://www.oann.com/goldman-sachs-cuts-u-s-growth-forecast-as-commodity-prices-bite/?utm_source=rss&utm_medium=rss&utm_campaign=goldman-sachs-cuts-u-s-growth-forecast-as-commodity-prices-bite Goldman Sachs cuts US growth forecast as commodity prices bite

DUSTIN JONES

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