Goldman cuts growth forecasts for several emerging markets

Goldman Sachs has lowered its 2009 economic growth forecasts for several emerging markets, including Russia, Turkey, South Africa and Kazakhstan, citing falling oil prices, the worsening outlook for growth in major markets and the recent deepening of the global financial turmoil. Goldman cut its forecast for Russia's 2009 GDP growth from 7% to 4%, while making more modest changes to the growth forecasts for Turkey, South Africa, Poland, the Czech Republic, Hungary, and Kazakhstan, according to a Goldman Sachs report published late Thursday. Goldman cut its forecast for South Africa's 2009 GDP growth to 2.4% from 3.5% previously. It also lowered its forecast for Turkey's economic growth next year to 1.7% from 3.0%. In Kazakhstan, Goldman expects growth of 3.5% next year compared with an earlier forecast of 5%. Goldman also cut its forecast for Poland's 2009 growth to 3.6% from 4.2%, for the Czech Republic to 2.5% from 3.8%, and for Hungary to 1.5% from 2.5%