FSS-2025_KfW-IPEX_Katja-Schwarz.pdf

1、*Loan volume as of YE 2024*Loan volume as of YE 2024&Investment decisions are influenced by modest forecastsfor economic growthContributions to economic growth(in%)Growth contributions of the USA,Eurozone,and China for the years 2025 and 2026 calculated based on KfW Research forecasts as of August 2

2、025;growth contributions of other countries calculated based on IMF forecasts as of July 29,2025.Source:IMF(World Economic Outlook Update,July 2025);KfW Research.74,33,53,33,03,0 20022008 20112019202420252026USAEurozoneChinaOther NationsGlobal EconomySource:BloombergUS tariff announcements triggered

3、 massive market movements Widespread repricing across asset and risk classes(over 20 bps across maturities and currencies)Markets calmed down and the developments in the end reflected an overreaction and no structural shifts in margin levels for banks or customersKey to successfully navigating through these times:a reliable financing partner