A report by Dun & Bradstreet has poured cold water on hopes of an early recovery for the domestic and global economy.
The business intelligence company says there is still considerable risk for New Zealand over the coming year.
Dun & Bradstreet says trends such as a boost to world trade caused by China's fiscal stimulus package should not be interpreted as the start of a global recovery.
It says a recent upturn in capital markets is likely to be a market correction rather than something capable of pulling the world out of recession.
But the company also says New Zealand has one of the world's most stable financial systems and there should be less risk of a severe recession in this country.
