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

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FILE PHOTO: Container trucks , ships and cranes are shown at the Port of Long Beach. California

NEW YORK – Goldman Sachs cut its GDP forecast in 2022 to 3.2% from a consensus 3.8% as U.S. growth is likely to slow abruptly early in the year as fiscal support fades and the Omicron coronavirus weighs.

Goldman now expects annualized real GDP growth in the first quarter of 0.5% versus it’s previous estimate of 2.0%, as spending on virus-sensitive services declined sharply since early December, the bank said. But the rebound from Omicron is likely to be swift, Goldman said.

(Reporting by Herbert Lash)

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