Goldman Sachs Cuts 2012 GDP Forecasts as Europe Seen Contracting

Dec. 1 (Bloomberg) -- Goldman Sachs Group Inc. cut its global growth forecast for 2012, predicting the euro area’s economy will contract 0.8 percent.

Global gross domestic product may expand 3.2 percent next year, down from an earlier estimate of 3.4 percent, it said in a report today. It cut the forecast for the euro area from a previous prediction for 0.1 percent growth.

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