Goldman Sachs cuts US GDP growth forecast down to 1.2%... | Yogthos

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Goldman Sachs cuts US GDP growth forecast down to 1.2% for 2023 and increases China's to 6%.

CNBC ECONOMY

Goldman Sachs cuts GDP forecast because of stress on small banks, which are key to U.S. economy

PUBLISHED WED, MAR 15 2023 1:15 PM EDT

KEY POINTS

Goldman Sachs lowered its growth forecast by 0.3 percentage points to 1.2% for 2023, as gauged by the fourth quarter of 2022 to the fourth quarter of this year.

Analysts believe a pullback in lending will lead to substantial tightening in bank lending standards, dragging down growth already affected by tightening in recent quarters.

Banks with less than $250 billion in assets comprise about 50% of U.S. commercial and industrial lending.

REUTERS

MARCH 15, 2023 / 10:46 PM / UPDATED 9 HOURS AGO UPDATE 1-Goldman Sachs raises 2023 China GDP growth forecast to 6%

By Reuters Staff f v (Adds detail, background)

BEIJING, March 15 (Reuters) - Goldman Sachs has raised its forecast for China’s gross domestic product (GDP) growth this year to 6% from 5.5% on the back of the country’s rapid reopening, the investment bank said in a note on Wednesday. Strong recovery in sectors sensitive to the COVID-19 pandemic and broadly improved activity data in the first two months of this year drove the upgraded outlook, Goldman Sachs said in the research note.

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