The Goldman Sachs forecast predicts that quarter-on-quarter annualized GDP will decline 6 percent in the first three months of 2020, and then drop another 24 percent in the second quarter, with the bottom coming in April. A recession is technically defined as two quarters of negative GDP growth. The Goldman Sachs forecast predicts that the pandemic and drastic containment measures, which have already cost countless workers their jobs, will have severe economic impact. Goldman Sachs predicts a relatively quick recovery, however, with growth surging in the second half of 2020. The note predicts GDP will surge by 12 percent in the third quarter, and by 10 percent in the final quarter of the year.

Source: Daily Mail March 20, 2020 18:47 UTC