JPMorgan: New Zealand's economy is not too bad, and the probability of a sharp interest rate cut is expected to decrease

New Zealand's economy is still weak, but the second-quarter GDP data released this week will show that New Zealand's economy is not as bad as the Reserve Bank of New Zealand thought when it recently cut interest rates. Ben Jarman, an economist at JPMorgan Chase, said that New Zealand's economy will shrink by about 0.1% quarterly, rather than the 0.5% contraction that the Reserve Bank of New Zealand said was coming. He added that JPMorgan's forecast means that the results of economic growth are not that bad, and if the data is in line with the forecast, it will reduce the possibility of the Reserve Bank of New Zealand cutting interest rates by 50 basis points at its next meeting.

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