Goldman Sachs economists and experts share insights on macro trends shaping the global economy.
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Markets Update: 2021 Global Growth Outlook
Jan Hatzius, Goldman Sachs’ chief economist, talks about why his team continues to forecast above-consensus growth for 2021, despite the weak US jobs report for December.

2020 Update, and a Peek at 2021
Headed into the end of what was an unpredictable year, Goldman Sachs Research’s Top of Mind team continues its tradition of taking stock of key themes and highlighting what to look for in 2021 and beyond.

The Outlook for a Commodities Bull Market in 2021
Jeff Currie, head of Commodities Research for Goldman Sachs Research, talks about why his team is bullish on commodities for 2021.

November Wrap: Record Inflows into Global Equities
Scott Rubner of Goldman Sachs' Global Markets Division breaks down the record-setting November in equity markets and talks about investor sentiment going into year-end.

India Macro Outlook 2021: Vaccine to Extend Rebound in 2022
Goldman Sachs Research expects the broad-based availability of an effective vaccine in India could allow a meaningful activity rebound in 2021 leading to a real GDP growth of 13% in FY22.

Asia-Pacific Economic Outlook for 2021
Andrew Tilton, chief Asia-Pacific economist for Goldman Sachs Research, talks about his team’s economic outlook for Asia-Pacific in 2021, and why they’re forecasting above-consensus growth.

Client Call: Macro Outlook 2021
Jan Hatzius, Chief Economist, and Alec Phillips, Chief Political Economist, discuss the outlook for economic recovery and the impact of the US election on global growth in 2021.

Macro Outlook 2021: A V(accine)-Shaped Recovery
With the US election largely settled, Goldman Sachs Research has updated its economic outlook for 2021. See why above-consensus growth in most major countries is expected in the new year.

The Latest Outlook for U.S. Equities
David Kostin, Goldman Sachs' chief U.S. equity strategist, shares Goldman Sachs Research's latest forecasts for the S&P 500.

Face Masks and GDP
The sharp increase in confirmed coronavirus cases in the US Sun Belt has led investors to worry about renewed broad lockdowns with large negative effects on GDP. But there are other ways to reduce infections, and Goldman Sachs Research argues that a national mandate to wear face masks in public settings could partially substitute for lockdowns that would otherwise subtract nearly 5% from GDP.

Daunting Debt Dynamics
Government deficits, debt issuance and debt levels are set to surge as countries race to ease the economic impact of the coronacrisis. This raises many questions: who will finance this debt, will it force a market repricing and/or an eventual growth or inflation problem, and would greater use of negative rates help avoid any of these risks? At the same time, whether corporate bankruptcies could derail the economic recovery is a key concern. In short, how disruptive the recent, dramatic shift in debt dynamics might be is Top of Mind.

The Outlook for the Corporate Credit Default Cycle
Lotfi Karoui, Goldman Sachs Research’s chief credit strategist, discusses the state of corporate credit markets and his outlook for corporate defaults in the months ahead.

Measuring the Reopening of America: The GS US Reopening Scale
Heath Terry, Goldman Sachs Research’s business unit leader for the Technology, Media and Telecom Group, discusses his team’s new report “U.S. Reopening Scale,” which aggregates data across a wide range of consumer and business segments to quantify where the economy sits between full lockdown and a return to activity levels last seen before the COVID-19 outbreak.

Reopening the U.S. Economy
Allison Nathan, senior strategist for Goldman Sachs Research, discusses her latest Top of Mind report where she speaks with leading experts across health and policy to understand how well-positioned the U.S. is to achieve a safe reopening of the economy and how quickly it would translate into economic recovery.

Reopening the Economy
With mitigation measures leading to an apparent leveling off of case growth globally at the same time that the economic costs of such measures continue to mount, several countries around the world have begun to plan for—or have already started to implement—economic reopening. But absent herd immunity or a vaccine, such reopenings increase the risk of a resurgence. With this in mind, what a safe reopening might look like, how well-positioned the US is to achieve one and how quickly reopening would really translate into economic recovery is Top of Mind.

Phasing in the Reopening of the Economy
In this episode of Talks at GS, Sharmin Mossavar-Rahmani discusses phasing in the reopening of the economy and managing risks of additional waves with a group of leading medical experts.

Client Call: CFO Perspectives
Goldman Sachs CFO Stephen Scherr and other senior leaders discuss topics that are top of mind for CFOs in the current environment.

Takeaways from China’s Economic Data
On the heels of a record low quarterly growth report out of China, the firm’s chief Asia economist Andrew Tilton discusses what the data mean for the country’s growth target and where we’re seeing signs of recovery.

Thinking About an Economic Restart
Jan Hatzius, Goldman Sachs chief economist, discusses the global recession and the prospect for restarting economies.

India’s Response to the Economic Downturn
Prachi Mishra, Goldman Sachs Research’s Chief India Economist, discusses her group’s downgraded India growth forecast amid the country’s nationwide shutdown and social distancing measures.

Europe’s Response to the Economic Downturn
Jari Stehn, Goldman Sachs Research’s head of Europe Economics, discusses his group’s downgraded European growth forecast and the measures being taken to respond to the crisis.

COVID-19’s Impact on US Small Businesses
Margaret Anadu of Goldman Sachs’ Urban Investment Group talks about how the pandemic is impacting small businesses in the US, and three entrepreneurs and graduates of Goldman Sachs’ 10,000 Small Businesses program share their personal stories.

The CARES Act and its Impact on the US Economic Outlook
In this episode of Talks at GS, Goldman Sachs’ Sharmin Mossavar-Rahmani discusses the economic implications of the recently passed Coronavirus Aid, Relief, and Economic Security Act with a group of leading economic experts.

The Impact of China's Economic Recovery
Katie Koch, co-head of Fundamental Equity at Goldman Sachs Asset Management, discusses China’s economic recovery and what it might mean for the rest of the world.

Roaring Into Recession
Coronavirus has pushed the global economy into a recession of historic proportions and halted the longest-lasting equity bull market on record. As infections spread globally, economic activity collapses, markets recoil and policymakers respond, the depth and duration of the economic and market downturn is Top of Mind.

How Companies Are Accessing Capital in an Uncertain Environment
Susie Scher, co-head of the Global Financing Group in Goldman Sachs’ Investment Banking Division, discusses how companies are accessing capital in an uncertain environment.

Searching for a Market Trough
Goldman Sachs Research’s Kamakshya Trivedi, co-head of global foreign exchange, interest rates and emerging markets strategy research, discusses indicators his team is watching to assess when markets will hit bottom.

US Daily: A Sudden Stop for the US Economy
Over the last few days social distancing measures have shut down normal life in much of the US. News reports point to a sudden surge in layoffs and a collapse in spending, both historic in size and speed, as well as shutdowns of many schools, stores, offices, manufacturing plants, and construction sites. These developments argue for a much sharper drop in GDP in Q1 and Q2.

Why Investing in the Longest Bull Market in History is Still a Smart Move
Sharmin Mossavar-Rahmani on why she’s telling clients to stay invested in the stock market.

What’s the Outlook for the US Stock Market in 2020?
David Kostin, the firm’s chief US equity strategist, discusses what’s ahead for US equities in 2020.

China’s Economic Outlook 2020: Policymakers Play the Long Game
Goldman Sachs Research expects China’s GDP growth to fall below 6% next year as policymakers focus on achieving higher-quality growth.

Asia Economic Outlook 2020: A Regional Growth and Policy Rotation
Goldman Sachs Research expects Asia-Pacific growth to gradually accelerate from 4.7% to 4.9% in 2020. Watch Video

Eurozone Economic Outlook 2020: Through the Trough
Goldman Sachs Research expects a gradual pickup in eurozone growth from its current pace of 0.2% to 1.1% for 2020. Watch Video

What's Ahead for Europe's Economy in 2020?
Jari Stehn of Goldman Sachs Research discusses his team’s 2020 outlook for Europe’s economy. Listen Now

U.S. Economic Outlook 2020: On Firmer Ground
Goldman Sachs Research forecasts steady U.S. GDP growth of 2.3%, driven by easier financial conditions, dissipating trade tensions, and continued strength in consumer spending. Watch Video

Fiscal Focus
In this episode of the Top of Mind at Goldman Sachs podcast, Goldman Sachs Research’s Allison Nathan interviews former IMF Chief Economist, Olivier Blanchard, Harvard professor, Alberto Alesina, and Goldman Sachs’ Chief Economist, Jan Hatzius. They discuss whether increased fiscal stimulus today would do more good than harm, and, even if it would, whether the economies that need it the most will pursue it. Learn More

Global Economic Outlook 2020: A Break in the Clouds
Global GDP growth is poised to rise moderately from 3.1% in 2019 to 3.4% next year in Goldman Sachs Research’s view, led by easier financial conditions, a US-China trade détente, and reduced Brexit uncertainty. Learn More

Growth and Geopolitical Risk
Goldman Sachs’ Head of Energy Research Damien Courvalin explains why the oil market is much better positioned to deal with supply outages today, and thus is a less likely recession trigger than in the past. But the Council on Foreign Relations’ President, Richard Haass, and Columbia Professor Richard Nephew explain why instability looks set to rise in the Middle East and beyond. Learn More

Currency Wars
President Trump has voiced concern that a strong Dollar is damaging US competitiveness. Whether the US should, could, and would begin to proactively manage the Dollar, and whether these actions—or further trade war escalation—could lead to a global “currency war” is Top of Mind. Learn More

What’s Driving GDP Growth – and Falling Inflation – in India?
Prachi Mishra, India chief economist for Goldman Sachs Research, Goldman Sachs, discusses the drivers behind India’s economy. Listen Now

Learning from a Century of US Recessions
A review of the last 100 years of US recessions suggests that they can be boiled down to five major causes: industrial shocks, oil supply shocks, inflationary overheating followed by aggressive Fed tightening, private sector financial imbalances, and fiscal tightening. Read Report