Goldman Sachs has a devastating revision for its GDP growth predictions

(Image credit: RICHARD A. BROOKS/AFP via Getty Images)

Goldman Sachs predicts the coronavirus crash will be bigger than it originally thought.

In a Friday research note, the bank projected a 24 percent drop in the U.S. GDP in the second quarter — a stark revision from its prediction of a five percent drop earlier this week. Goldman Sachs does see a slight rebound in Q3 and Q4 of 12 percent and 10 percent, respectively, but that still leaves the GDP down 3.8 percent at the end of the year.

Goldman Sachs formulated its prediction by looking at past unemployment rates, the effects of Hurricane Katrina, and "job losses by sector and occupation." And it all forecasts a far more economically brutal future than the one the bank saw just a few days ago.

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Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.