Goldman Boosts US 2024 GDP Growth, Jobs Forecasts on Immigration
- Immigration has surpassed previous trend, Goldman says
- Goldman economists lift 2024 GDP forecast 0.3 percentage point
This article is for subscribers only.
Goldman Sachs Group Inc. has raised its projections for US economic and jobs growth for this year to account for a faster pace of immigration.
“One likely reason why GDP growth was stronger in 2023 is that immigration ran well above the recent historical average, boosting the size of the labor force and potential GDP,” Goldman economist Ronnie Walker wrote in a note Sunday. “We have updated our payrolls and GDP forecasts to incorporate the ongoing boost from above-trend immigration.”