The external factors like the political uncertainty in the US, UK and Europe presented the biggest risks.
Depending on how those played out we could face a less favourable trade environment or, perhaps more worryingly, less favourable financial conditions.
"That's the big risk for New Zealand. We've had a run up in debt levels, related to the housing market. Interest rates are now rising and that's going to strain a lot of households. If they continue to rise because of offshore conditions that could have quite a dampening effect. "
But the more general economic picture was very positive, he said.
A big part of that was due to the wealth effect of the housing boom.
Ranchhod said he expected to see house price growth cool this year as rates rose but the underlying supply and demand equation was going to keep pressure on prices, particularly in Auckland.
"So this is going to be a big issue as we go into election, and there are questions about what policies we could see put in place," he said.
Supply side solutions, as mooted by the Government could take a long time to work.
"We do think that migration could be one option that's mooted. Particularly as part of post-election coalition discussions."