Goldman Sachs Research features original insights on the economy, markets and industries, drawn from research teams around the world.
Featured
Global Markets Institute
The Global Markets Institute is the research think tank within Goldman Sachs Research, providing insights on public policy, markets and corporate strategy. Learn More
Economic Outlooks
Goldman Sachs economists and experts share insights on macro trends shaping the global economy. Learn More
Top of Mind
Allison Nathan of Goldman Sachs Research dives into macro developments that are top of mind for investors, executives and policymakers. Learn More
Latest
European Economics Analyst: 10 Questions for 2022
Although the renewed surge in Covid infections is likely to weigh on services activity over the winter, Goldman Sachs Research expects a more manageable hit to European economic activity than last year.
Asia Economics Analyst: Ten questions for 2022
Regional growth will decelerate this year, but should remain above trend in many economies.
EU Taxonomy Update - Inclusion of Natural Gas and Nuclear
The European Commission has released plans to include some natural gas and nuclear energy power plants as ‘green’ under the existing EU Taxonomy’s Climate Change Mitigation objective. We believe this would help provide some guarantee to Europe’s volatile energy supply as renewables scale and help ensure a smoother transition to a low carbon economy.
Global Views: Earlier Runoff, Four Hikes
Chief Economist Jan Hatzius discusses the Omicron variant's effect on the economic outlook for 2022, and how persistent inflationary pressures could modify the Fed’s schedule for hikes and balance sheet normalization.
Framing the Future of Web 3.0: Metaverse Edition
In this report, Goldman Sachs Research examines how the gaming/media landscape has already shown some key elements as to how the Metaverse might evolve and how themes such as decentralized web activity and virtual experiences could become hallmarks of many of the next wave of computing in Web 3.0.
Investing in EM Womenomics
Recent years have seen a surge in investing with social and environmental impact in mind, including across emerging markets. One aspect of social impact investing concerns the role of women in the economy – or Womenomics. To assess how investing based on Womenomics can impact investment returns, Goldman Sachs Research constructed a Womenomics Index across emerging markets sovereign debt based on five factors: education, labour, agency, women in power and health.
Carbonomics: The Economics of Net Zero
Learn about the wide-ranging variables playing a part in the push to a net-zero carbon future—from government action to tech innovation to market pressures—in our interactive data visualization.
Carbonomics: The Dual Action of Capital Markets Transforms the Net Zero Cost Curve
In this report Goldman Sachs Research examines how capital markets' deep engagement in sustainability is driving de-carbonization through a divergence in the cost of capital of high carbon vs. low carbon investments.
Outlook 2022: The Long Road to Higher Rates
Goldman Sachs Research says the fastest pace of the recovery now lies behind us, but there are reasons for optimism on global growth heading into 2022.
Carbonomics: Taking the Temperature of European Corporates - An Implied Temperature Rise (ITR) Toolkit
In this report Goldman Sachs Research leverages their Carbonomics Net Zero Paths to gauge the implied temperature rise of corporate de-carbonization through the lenses of >110 corporates in the 15 most carbon intensive sectors of the European market.
EM Ex-China as a Separate Equity Asset Class
With a strengthening debate among investors for splitting an emerging market (EM) mandate into China and EM ex-China strategies, given China’s significant market size, its rising dominance in the EM benchmark and idiosyncratic factors such as geopolitics and regulatory policy that could affect its performance, Goldman Sachs Research discusses the implications for investors and portfolio allocations.
Green Capex: Making Infrastructure Happen
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.
Indian Equities: Digital Transformation as Private Goes Public
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.
Carbonomics: Five Themes of Progress for COP26
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.
Carbonomics: Introducing the GS Net Zero Carbon Models and Sector Frameworks
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.
Euro 2020—Modelling the Beautiful Game
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.
Black Womenomics: Investing in the Underinvested
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.
Q&A on Womenomics: Where is Europe now?
As progress on female representation at executive levels continues, Goldman Sachs Research reviews some of the key questions encountered in response to its research.
Carbonomics: China Net Zero - The Clean Tech Revolution
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.
Carbonomics: 10 Key Themes From the Inaugural Conference
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.
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.
Carbonomics: Innovation, Deflation, and Affordable De-carbonization
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.
Womenomics: Europe Moving Ahead
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.
The Corporate Commotion - A Rising Presence of ESG in Earnings Calls
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: The Next Transformational Driver of the Utilities Industry
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.
Measuring the Reopening of America: Composite Score Declines Continue for Second Straight Week
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.
Carbonomics: The Rise of Clean Hydrogen
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.
Sustainable ESG Investing: Turning Promise into Performance
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.
Carbonomics: The Green Engine of Economic Recovery
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.
Measuring the Reopening of America: Moving to a ‘2’
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.
Measuring the Reopening of America: Likely the last week at ‘1’
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.
The Great Reset: A Framework for Investing After COVID-19
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.
Measuring the Reopening of America: Steady Progress Though the Scale Remains at 1
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.
Measuring the Reopening of America: Signs of Progress
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.
Measuring the Reopening of America: The GS US Reopening Scale
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.
Measuring the Reopening of America: Introducing the Reopening Scale
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.
Carbonomics: The Future of Energy in the Age of Climate Change
Climate change is re-shaping the energy industry through technological innovation and capital markets’ pressure.
Closing the Gender Gaps 2.0: Fresh Data Show More Work to Do
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
Taking the Heat: Making Cities Resilient to Climate Change
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