Business Insider: Goldman Sachs Lifts US GDP Forecast To 6.6% In 2021 On Biden’s $1.9 Trillion Stimulus

Goldman Sachs has turned even more optimistic on the outlook for the US economy this year under President Biden. 

In a weekend note to clients, economists at the bank raised their forecast for US GDP to 6.6 percent in 2021 from 6.4 percent. Goldman now expects a lower US unemployment rate of 4.5 percent at the end of 2021, down from 4.8 percent.

The projected economic expansion will be fueled by a boost in disposable incomes and government spending, the bank said, as Biden's $1.9 trillion stimulus plan accentuates his intent to shore up the slumping US economy.

"We do not expect all of the elements of the $1.9 trillion proposal to pass, but we have raised our expectations for state fiscal aid, education and public health spending, unemployment insurance benefits, and several smaller items," Goldman economists wrote.

Check out the full article from Business Insider here.