A tale of two economies, for now

The Reserve Bank is forecasting more OCR cuts next year, sooner than previously expected, after yesterday's 50-basis point cut to 4.25 percent.

But Governor Adrian Orr says growth remains weak, globally.

Former Finance Minister Steven Joyce says there are green shoots in the economy, but they're confined to specific sectors like commercial property, dairy, kiwifruit and the tech sector.

He says big-employing industries like service and retail have been flat as a pancake, alongside residential property and construction.