Economists have started the year with varying degrees of optimism - cautious optimism in the case of the BNZ and strong in the case of Westpac.
BNZ Capital economist Craig Ebert is taking a cautious approach with the view that the mild recovery to date will gradually strengthen.
"We are loath to be making any big calls at this stage, either positively or negatively. The still uncertain backdrop just doesn't counsel it. Instead, we'll be taking things one step at a time - hoping for the best but mindful of all that could turn sour again."
Westpac chief economist Brendan O'Donovan is a bit more bullish.
"As the growth stars continue to align, we look forward to a strong rebound in economic activity through 2010.
"As we head into 2010, our positive outlook for growth remains unchanged. If anything, we have gained more confidence in our view."
The healing process in the global environment had continued over the past few months, as reflected in the continued upward revisions to growth of New Zealand's major trading partners, he said.
While the risks and uncertainties remained large, particularly in the developed world, the good news for New Zealand was that China was now the global growth power house, pulling Southeast Asia, Australia and the resource economies with it.
After contracting by an estimated 0.8% in 2009, Mr O'Donovan expected world GDP growth to expand by 3% or more this year.
Mr Ebert said that for the moment, improvement appeared to be the theme, especially in the financial markets.
"We'll be monitoring the upcoming news with this in mind."
However, it was also worth noting that to the extent domestic and international growth picked up, it would force policy-makers to withdraw the enormously costly stimulus they had been providing since late 2008, which had proved crucial in avoiding a bigger collapse.
"Only when these policy drugs are removed will we discover the underlying health of the patient. Before the inevitable days of reckoning, we'll simply be left wondering," he said.
