There is scepticism from a local economist at a suggestion New Zealand will be the first country in the pandemic era to put interests rates back up.

The forecast comes from London-based research consultancy Capital Economics.

Former Reserve Bank economist Michael Reddell believes this is a little too optimistic.

He told Mike Hosking if there's a change in rates in the coming year, it'll probably be a fall, rather than a rise. 

"If anything, interest rates will only fall in the coming year.

"Beyond that interest rates will rise - but it's impossible to say what's going to happen to the world economy before then."

LISTEN ABOVE