Goldman Sachs and Nomura downgraded their forecasts for China’s growth, citing weaker demand, uncertainties stemming from zero-Covid policy and an energy crunch.

Goldman Sachs lowered its 2022 full-year forecast to 3.0% from 3.3%, while Nomura slashed its full-year projections to 2.8% from 3.3%.

The cuts represent continued pessimism among investment banks over Beijing’s growth target of around 5.5%. In July, Chinese officials indicated the country might miss its GDP goal for the year.

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