(Bloomberg) -- Nomura Holdings Inc. downgraded its full-year GDP growth forecast for China to 3.9% from 4.3%, citing a worsening economic outlook and disruptions due to the country’s Covid Zero strategy. 

The growth forecast for the second quarter was lowered to 1.8% from 3.4%, Nomura’s economists including Lu Ting wrote in a note Thursday. 

The bank cited rapidly worsening high-frequency data for April, rising number of cities under full or partial lockdown, severe logistics disruptions, and signs that Beijing is unlikely to move away from its Covid Zero strategy soon. 

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