As suspected Q2 forecasts being revised down most everywhere, and now 2012 estimates being trimmed as well

GS MACRO FORECAST CHANGES:

-> 2011 US GDP now 2.6% from 3.1%. 2012 now 3.2% from 3.8%.
-> We have lowered Global GDP forecast to 4.3% from 4.8%, modestly raised our inflation forecasts & extended monetary tightening cycle in several EM economies. Also extended forecasts of USD weakness. “Revisions outlined here reflect impacts of two major shocks the global economy absorbed over last six months: tightening of the oil supply, and effects of the disaster in Japan”
-> EM ’11 GDP Growth now at 7.1% from 7.5% and ’12 at 7% from 7.2%.
-> World ’11 Inflation at 4.3% from 3.5% and ’12 at 3.2% from 3.1%. Emerging Markets ’11 Inflation at 6.1% from 5.8% and 4.7% from 5.2%.