3/20, 3:46 PM (Source: TeleTrader)
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Goldman: US economic activity to drop 24% in Q2

Economic activity in the United States will drop 24% in the second quarter of 2020, Goldman Sachs projected on Friday as it changed its previous expectations of a 5% fall in the same period. Goldman Sachs also changed its prediction for the first quarter and said it sees growth at -6% in the first three months of the year. Earlier this week, the bank said first quarter growth would be at 0%.

In a note, Goldman Sachs said it expects services consumption, manufacturing and building investment all to fall and added that social distancing measures due to the coronavirus are having severe negative consequences on businesses.

The bank added it sees full-year US gross domestic product at -3.8% on an annual average basis while growth is seen as rising 12% in the third quarter and 10% in the final quarter of 2020.

Breaking the News / VP