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The phrase 'is slowing down' is correct and usable in written English.
You can use this phrase when referring to something that has been speeding up or moving quickly and has now either come to a halt or is slowing down. For example, "The economy is slowing down as a result of the pandemic."
Exact(60)
Accelerate is slowing down.
Progress is slowing down.
It is slowing down and aging.
At 71, though, George is slowing down.
Brazil, a big market, is slowing down.
But neither is slowing down.
It is slowing down that circulation.
So is slowing down the process.
The U.S. economy slowdown is slowing down.
Hopefully development is slowing down in Westchester.
"Investment is slowing down," Mr. Wyss said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com