Nomura Holdings Inc. lowered this year’s growth forecast for China to 4.6% after weaker-than-expected data in July and an ongoing “downward spiral” in the economy.

The bank cut its estimate from 5.1% previously, it said in a report on Friday. The growth forecast for next year was maintained at 3.9%.

“In coming months, growth will face further pressure as the post-pandemic pent-up demand for travel runs its course,” Nomura’s economists led by Ting Lu wrote in the note. It’s more likely Beijing will miss this year’s growth target of around 5%, rather than meet it, they said.

Morgan Stanley earlier this week slashed its 2023 growth forecast to 4.7%, while JPMorgan Chase & Co. lowered its projection to 4.8%