Goldman Sachs lowered US GDP growth forecast

Goldman economist Joseph Briggs said in a note that Ômicron will slow economic reopening (Credit: Disclosure / Goldman Sachs)

(Reuters) – Goldman Sachs cut its 2022 U.S. economic growth outlook to 3.8% on Saturday, citing risks and uncertainties surrounding the expression of the Ômicron variant of the corona virus.

Goldman economist Joseph Briggs said in a note that Ômicron would slow the reopening of the economy, although the company expects “only a small reduction” in the cost of services.

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The company now expects 3.8% growth in U.S. gross domestic product (GDP) by 2022, up from 4.2% year-on-year earlier, Brix said.

“Although many questions remain unanswered, we now believe that there will be more moderate adverse conditions in the area where the virus spreads rapidly, but the immune system for the serious disease will be slightly weakened,” he said.

The note added that the labor shortage would be prolonged if people were not comfortable returning to work due to variance.

Goldman noted that the spread of the virus would worsen the supply shortfall if other countries enforced stricter controls, although raising vaccination rates among foreign trade partners would prevent serious obstacles.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Friday predicted that global economic growth estimates could fall due to the Ômicron.

(Written by Jahnavi Nidumolu in Bangalore)

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