NEW YORK: Goldman Sachs Group Inc cut its forecast for the United States economic growth after Senator Joe Manchin rejected the Biden administration’s roughly US$2 trillion (RM8.5 trillion) tax-and-spend programme, leaving Democrats with few options for reviving the economic agenda.
Goldman said in a research note that the likely failure of the Build Back Better (BBB) legislation had prompted it to lower its real gross domestic product forecasts in 2022 to 2% in the first quarter from 3% previously 3% in the second quarter versus 3.5% before; and 2.75% in the third quarter from 3% prior.
