While a poor forecast for the consumer spending, house building and investments surely suggest a slow economic growth for any economy for that matter, according to NZIER's latest survey of forecasts, the outlook of the New Zealand economy is now moving on a positive path.

Moreover, the report also said that there is no double-dip seen back into the recession now. It is to be mentioned here that the names for this forecasts had 10 groups, including the big banks, Treasury and the Reserve Bank.

The report also said that the growth is expected to be in a range of 2.8% will March 2011 on an average.

It may be noted here that NZIER principal economist Shamubeel Eaqub said that the there is a widespread pullback in the expectations of the growth of the economy.

Moreover, he also pointed towards the fact that the local data has been disappointing so far and the global growth is still fragile. On the other end, the Finance minister Bill English has recently said that the October 1 personal tax cuts and GST rise would result in leaving people in a better off condition.