OCR Preview Survey: economists say OCR will stay on hold

The survey of leading New Zealand economists reveals 100% of commentators believe the OCR will stay on hold next week, amid signs of green shoots in the economy and rising house prices.

However, the coronavirus is likely to have an impact on China's major trading partners, including New Zealand. The virus, which has spread rapidly over the past few weeks, could force the Reserve Bank to adopt a more negative outlook on the economy. 

Economists believe there is a 75%-99% chance the OCR will be kept on hold next week. A total of 78% of economists believe the OCR will fall further this year, while 22% say it won't fall any further in this cycle. 

The coronavirus is expected to be a fly in the ointment for the NZ economy, and a negative shock for economic growth.