Banker predicts interest rates will fall next year

Wednesday 30 June 2004

Dr John McDermott, chief economist at National Bank, has predicted interest rates will rise this year and fall back next.

By The Landlord

He made his prediction after the bank's business outlook survey showed confidence edged higher this month.

Dr McDermott says their own activity indicator points to the economy growing at between 2.5 to three per cent in the next 12 months.

And he is relaxed about the general direction of interest rates, Newstalk ZB reported.

Dr McDermott said the higher rates go this year, the sooner they will come down next year.

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