Goldman Sachs Group Inc has downgraded its U.S. growth forecast for the first and second quarters in the wake of the economic fallout from the coronavirus outbreak.
In a note sent on Sunday, the U.S. bank said it now sees real gross domestic product growth of 0per cent in the first three months of the year, from its original estimate of 0.7per cent expansion. For the second quarter, it sees U.S. growth contracting to -0.5per cent from its initial forecast of 0per cent.Goldman raised its third-quarter U.S. GDP estimate to 3per cent from 1per cent originally.
Apart from the impact on consumer spending, Goldman said it also revised its growth forecasts as significant supply chain disruptions have grown.
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