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Goldman Sachs cuts 2022 GDP forecast to 3.2% vs 3.8% consensus -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Long Beach Container Trucks, Ships, and Cranes show the Port of Long Beach. The supply chain issue continues from Long Beach California (USA) November 22, 2021. REUTERS/Mike Blake

NEW YORK (Reuters] – Goldman Sachs’ (NYSE:), has cut its GDP forecast for 2022 from 3.8% to 3.2%. The reason is that U.S. economic growth could slow down abruptly as fiscal support dwindles and Omicron Coronavirus weighs.

Goldman expects 0.5% annualized real GDP growth for the first quarter, compared to its previous estimate of 2.0%. This is because virus-sensitive services spending has declined significantly since December. Goldman predicted that Omicron will rebound quickly.

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