LONDON (Reuters – U.S. bank JPMorgan (NYSE ) lowered its China full year growth forecast by 4.3% to 3.7% Monday. They said that a more severe contraction this quarter was likely due to China’s COVID-19 locking downs.

JPMorgan now estimates that JPMorgan will cut its estimate to 5.5%, which Beijing had indicated it would achieve in the coming year. It also cuts JPMorgan’s estimation below the 4% predicted by Goldman Sachs (NYSE) last week.

JPMorgan analysts stated that “On the bright side”, the worst period may be over. They pointed to the decline in COVID-19-related cases last week in China.