The shadow board of the NZIER, made up of representatives from the banks, business and academics, believes the government interest rate should continue to be kept on hold.
The Reserve Bank will be announcing the Official Cash Rate on Thursday.
Spokesman Dr Kirdan Lees says looking at economic indicators, the board placed only a seven percent chance of an interest rates rise.
He says there is a low inflation environment, the economy is tracking sideways and commodity prices are starting to fall which means it's appropriate for monetary policy to be on hold.
The Reserve Bank has kept the Official Cash Rate at 2.5 percent since March 10 2011.
Photo: NZ Herald