- Economists in the private sector and non-governmental institutions have lowered forecasts for economic growth amid concerns over COVID-19.
- The OECD has revised down its forecast for global growth in 2020 from 2.9 percent to 2.4 percent, with G20 growth revised down from 3.2 percent to 2.7 percent.
- While the OECD has revised U.S. growth down 0.10 percentage points from 2.0 percent to 1.9 percent, private institutions are more pessimistic.
- Private sector estimates from Goldman Sachs and J.P. Morgan forecast zero or negative from in the first in second quarters of 2020.
- Goldman Sachs reduced its forecast of Q1:2020 GDP from 0.7 percent to 0.0 percent and forecast a -0.5 percent contraction in Q2:2020 GDP. Growth is expected to return in the third and fourth quarters.
- Similarly, J.P. Morgan estimates negative GDP growth the first and second quarters of 2020.