Goldman Sachs is growing more pessimistic about an economic plunge — but more optimistic about a rebound

Goldman Sachs HQ.
(Image credit: Spencer Platt/Getty Images)

Goldman Sachs' outlook for the United States economy in the short-term has grown bleaker.

The investment bank is now estimating the U.S. GDP will contract 34 percent from the previous quarter between April and June because of the effects of the novel coronavirus pandemic. That's a pretty significant shift from it's previous 24 percent projection, which, as CNN notes, was already a shockingly severe estimate.

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Tim O'Donnell

Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.