New Zealand's economy has stalled and experts say it's unlikely to rebound quickly over the next year.

According to the latest ASB Quarterly Economic Report, domestic and global headwinds are taking their toll.

ASB Chief Economist Nick Tuffley says domestically, business confidence is slumping even further, and global growth is also slowing.

"Donald Trump is continuing to lift the heat in the trade war in China, and we are also see UK commence Brexit and start to look a little more menacing."

However, the report shows monetary policy is helping to shore up growth in the housing market.

Tuffley says the growth outlook isn't too bad but it could be better.

"The Reserve Bank's right into the rescue, and if things did get quite grim, particularly globally, we also do have the Government with a bit of firepower."