Economic Update Report
Over the past few weeks, global economies and the public market have struggled amid the effects of COVID-19’s spread and shocks in the oil market. As COVID-19 cases have surpassed 500,000 worldwide and the Saudi-Russian oil price war has continued to affect the market and push U.S. oil down over 60% for the year, investors are closely monitoring the highly volatile situation. Goldman Sachs recently updated their forecast on GDP growth, projecting a 24% decline in U.S. GDP in the second quarter of 2020.