Concerns over growth are nothing new. Goldman Sachs has lowered the projected growth rate for calendar year 2020 and has now projected GDP to contract by (-4.6%) for the full year. Goldman expects the pain of growth to remain constant till September but expect a sharp turnaround after that. The economists are expecting a 25% growth QOQ basis.

However, economists at Goldman continued to be optimistic about 2021 and expect GDP growth to resume at 5.8% with unemployment at 9%. These estimates are slightly worse than the 4.2% contraction that Goldman had predicted in the economy for the year 2020.