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World GDP may contract by 1pc: Goldman Sachs

NEW YORK, March 23, 2020

Goldman Sachs said it expected global real gross domestic product to contract by about 1% in 2020, a sharper economic decline than in the year following the 2008 global financial crisis, Reuters reported.
 
Global governments have been taking unprecedented measures to contain the coronavirus outbreak which is threatening to spark a worldwide economic contraction, said the report.
 
“The coronacrisis — or more precisely, the response to that crisis — represents a physical (as opposed to financial) constraint on economic activity that is unprecedented in postwar history,” the investment bank said in a note.
 
It sees the real GDP in advanced economies contracting “very sharply” in the second quarter, including a 24% drop in the US, a whopping two-and-a-half times as large as the previous postwar record.



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