Goldman Sachs Group said the probability that the United States will enter a recession this year now stands at 35 percent, compared with 25 percent in the big investment bank's previous forecast.

The bank noted that the upwardly revised likelihood reflects "increased near-term uncertainty around the economic effects of the stress on small banks."

In February, Goldman Sachs said a US recession was unlikely due to "continued strength in the labor market and early signs of improvement in business surveys".

At the same time, Goldman Sachs upgraded its outlook for China's economy in 2023, now expecting China's gross domestic product (GDP) to grow 6 percent year-on-year, up from a previous forecast of 5.5 percent expansion.

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