Goldman downgrades U.S. growth forecast for Q1, Q2 due to coronavirus

Goldman Sachs Group Inc has downgraded its U.S. growth forecast for the first quarter in the wake of the economic fallout from the coronavirus outbreak.

In a note sent on Sunday, the U.S. bank said it now sees real gross domestic product growth of 0% in the first three months of the year, from its original estimate of 0.7% expansion.

For the second quarter, it sees U.S. growth contracting to -0.5% from its initial forecast of 0%. Goldman raised its third-quarter U.S. GDP estimate to 3% from 1% originally.