While the estimates would actually be possible only after the clear data emerges, Goldman Sachs has pegged the contraction of GDP at 1% in the year 2020. Even in the year following the economic crisis of 2008, the pain was not so much. This time around, there is the Coronavirus which is constricting global output as global governments have taken unprecedented measures to contain the outbreak. These measures could actually trigger a worldwide economic contraction. Goldman has pointed out that the response to the crisis this time around is cutbacks and shutdowns of an unseen scale. The impact is also physical than just financial. The note by Goldman Sachs has projected a sharp fall in the GDP of most advanced economies, including a 24%drop in the US output. That is something that could have long term and global ramifications.