It’s a tale of two economies, for now.

The Reserve Bank is forecasting more OCR cuts next year, sooner than previously expected, after yesterday's 50-basis point cut to 4.25%.

But Governor Adrian Orr says growth remains weak globally.

Former Finance Minister Steven Joyce told Mike Hosking there are green shoots in the economy, but they're confined to specific sectors like commercial property, dairy, kiwifruit, and the tech sector.

He says big-employing industries like service and retail have been flat as a pancake, alongside residential property and construction.

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Learn to Discern, part 2