New Zealand's economy remains weak, but second-quarter GDP data released this week will show that it's not as bad as the Reserve Bank of New Zealand (RBNZ) suggested when it recently cut interest rates. JPMorgan economist Ben Jarman says the New Zealand economy will contract by around 0.1% in the quarter, rather than the 0.5% contraction predicted by the RBNZ. He adds that JPMorgan's forecast implies a less severe outcome for economic growth, and if the data aligns with their prediction, it will reduce the likelihood of a 50 basis point rate cut at the next RBNZ meeting. (Gold Ten)