An economic forecaster says shifting to level one won't be an instant fix to our struggling economy.

The Prime Minister's set to reveal later today when we'll move - after a 16-day stretch with no new cases of COVID-19.

Infometrics' Gareth Kiernan told Tim Dower a move would bring some positives for the economy - albeit small ones.

"Problem is the economy has been absolutely hammered in the most recent quarter and we might have a little bit of growth, maybe 0.8 per cent of what we would have expected, but economic activity is still going to be between 11 and 23 percent down."

Meanwhile, Infometrics senior economist Brad Olsen says a second wave of unemployment could be on the cards in the coming months, especially as the wage subsidy starts running out.

He says businesses will have to make some tough decisions.

"We could well see another 80,000 job losses over the next three or so months as those businesses decide that they need to downsize their staff."