JPMorgan Chase: 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 remains weak, but 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. JPMorgan economist Ben Jarman said that New Zealand's economy will see a quarterly contraction of about 0.1%, 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 economic growth results are not that bad, and if the data is in line with the forecast, it will reduce the possibility of a 50 basis point rate cut at the next meeting of the Reserve Bank of New Zealand. (Jinshi)