Goldman Sachs Research features original insights on the economy, markets and industries, drawn from research teams around the world.
The Global Markets Institute is the research think tank within Goldman Sachs Research, providing insights on public policy, markets and corporate strategy. Learn More
Goldman Sachs economists and experts share insights on macro trends shaping the global economy. Learn More
Allison Nathan of Goldman Sachs Research dives into macro developments that are top of mind for investors, executives and policymakers. Learn More
Goldman Sachs Research believes Green Capex will be the dominant driver of global infrastructure over the next decade, with $6 trillion of investment needed annually to decarbonize the world, address water needs and shore up transportation and other critical systems.
The number of “unicorns” has surged in India in recent years, enabled by the rise of the internet ecosystem, availability of private capital and a favorable regulatory environment. Goldman Sachs Research expects the IPO pipeline to remain robust over the next 12-24 months, with market cap increasing from US$3.5tn currently to over US$5tn by 2024, making India the 5th largest market by capitalization.
COP26 is a historical opportunity to accelerate the de-carbonization pledges laid out by COP21 (the Paris Agreement) in 2015. In this report Goldman Sachs Research analyzes five key themes of change they believe can drive progress.
Goldman Sachs Research presents modelling for two paths to net zero carbon, with two global models of de-carbonization by sector and technology, leveraging the team’s proprietary Carbonomics cost curve.
Following a year of delay, the Euro 2020 will finally go ahead on June 11. As the excitement for the tournament builds, Goldman Sachs Research constructs a statistical model to simulate the European Cup, which we intend to update as the tournament progresses.
Goldman Sachs research has shown that one of the fastest ways to accelerate change and effectively begin to address the racial wealth gap is to listen to and invest in Black women. Our Black Womenomics research focuses on the wealth gap, its relationship with these economic disadvantages, and the public and private investment opportunities to help close these gaps.
China’s pledge to achieve net zero carbon by 2060 represents two-thirds of the c.48% of global emissions from countries that have pledged net zero, and could transform China's economy, starting with the 14th Five-Year Plan.
Goldman Sachs Research expects the broad-based availability of an effective vaccine in India could allow a meaningful activity rebound in 2021 leading to a real GDP growth of 13% in FY22.
Goldman Sachs Research hosted its first Carbonomics conference in London on November 12, focused on the de-carbonization trends and technologies currently transforming all major industries. The virtual conference convened approximately 5,000 investors, company managers, regulators and industry experts, with speakers and panelists including 30 CEOs of leading corporates and key policymakers.
With the US election largely settled, Goldman Sachs Research has updated its economic outlook for 2021. See why above-consensus growth in most major countries is expected in the new year.
Measuring the Reopening of America: Range of Recovery Paths Widen for Different Categories, Remain a ‘4’
In week 25 of the Measuring the Reopening of America series, several back-to-normal categories that had improved over the past few weeks reversed trends, including lodging and dining, while stay-at-home vertical growth largely decelerated. Net, our composite score remains the same as last week as the pace of reopening continues to fluctuate across different categories but the overall trend fails to show progress for essentially the third month.
Net zero is becoming more affordable as technological and financial innovation, supported by policy, are flattening the de-carbonization cost curve. Goldman Sachs Research updates its 2019 Carbonomics cost curve to reflect innovation across c.100 different technologies to de-carbonize power, mobility, buildings, agriculture and industry, and draw three key conclusions.
In Europe there are some tantalising signs of progress on women’s contribution to the economy: most notably, participation rates for women in the workforce have risen dramatically and continue to move up. In many European countries they are now above rates in the US.
Since Goldman Sachs Research's report A Revolution Rising - From low chatter to loud roar (April 2018), a virtuous cycle of ESG adoption has continued, driven by consumers, employees, regulators, corporates, NGOs and investors, leading to ESG strategy becoming a critical component of corporate & investor conversations. This report revisits our analysis using earnings transcript analysis tools to track the development of ESG themes over the past 5 years among global corporates in the S&P 500, STOXX 600 and ASX 200.
Green hydrogen looks poised to become a once-in-a-generation opportunity: Goldman Sachs Research estimates it could give rise to a €10 trillion addressable market globally by 2050 for the Utilities industry alone.
Following our first 6 weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
Clean hydrogen has a major role to play in the path towards net zero carbon, providing de-carbonization solutions in the most challenging parts of the Carbonomics cost curve - including long-haul transport, steel, chemicals, heating and long-term power storage.
Environmental, social and governance (“ESG”) investing is at a deep level all about sustainability, yet we rarely ask the question, “How sustainable is ESG investing itself?” Here, we seek to provide a clearer sense of where ESG investing fits in the broader scope of active asset management, examine the gaps it fills and use that assessment to better structure the ESG investing processes, assess its place in asset allocation and rethink the metrics we apply to it.
Clean tech has a major role to play in the upcoming economic recovery. Leveraging our Carbonomics cost curve, we estimate that clean tech has the potential to drive US$1-2 tn pa of green infrastructure investments and create 15-20 mn jobs worldwide, through public-private collaboration.
Following our first five weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
Following our first four weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
Goldman Sachs Research explores topics and questions related to COVID-19 and provides a framework for the post-COVID-19 investing environment across three phases (preservation, consolidation and innovation) that capture the structural dynamics of the competitive environment.
Following our first three weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
Following our first two weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
With cities and states across the US beginning to reopen, Goldman Sachs Research has introduced a new weekly tracker to help gauge progress in a wide range of consumer and business segments.
Over the last few days social distancing measures have shut down normal life in much of the US. News reports point to a sudden surge in layoffs and a collapse in spending, both historic in size and speed, as well as shutdowns of many schools, stores, offices, manufacturing plants, and construction sites. These developments argue for a much sharper drop in GDP in Q1 and Q2.
Climate change is re-shaping the energy industry through technological innovation and capital markets’ pressure.
The latest gender pay gap analysis from the Global Markets Institute reveals that the unexplainable share of the wage gap has increased — a sign there’s more work to be done. Read Report
Cities will be on the frontlines of climate adaptation. Building up their resilience has the potential to drive one of the largest infrastructure build-outs in history and will likely require innovative sources of financing. Read Report