Goldman Sachs Trims US Growth Forecast On Rising Commodity Prices: Reuters

March 11, 2022 7:27 AM | 1 min read |

Goldman Sachs Group Inc GS analysts downgraded forecasts for U.S. economic growth for this year, reckoning that spikes in oil and other commodities since Russia's invasion of Ukraine will hurt spending, reported Reuters.
The investment bank cut its annualized growth forecast to 2.9% against a previous expectation of 3.1%.
It expects fourth-quarter real gross domestic product growth of 1.75% against an earlier forecast of 2%.
Goldman analysts, led by Jan Hatzius, mention additional downside risks if shortages of key metals constrain U.S. production and put the chance of a recession during the next year at 20%-35%.
Price Action: GS shares are trading higher by 0.94% at $332.99 during the premarket session on Friday.
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