Company: INGVF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001628280-25-036812
Chunk: 28

Company: ING GROEP NV
Filing Date: 2025-07-31
Form: 6-K
Chunk 28
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 to come in at 2.4percent. In the US, the uncertainty and negative effects from the economic policy agenda will likely outweigh the impact of continued fiscal stimulus. This causes economic growth expectations to slow. Inflation has come down to more benign levels but the potential inflationary impact of higher tariffs has made the Federal Reserve hold its rate-cutting cycle. Still, inflation remains above the 2% target and the outlook for inflation has become more uncertain. The consensus expects the growth rate of the US economy to grow at 1.4percent in 2025 to 1.5percent and 2.0percent in 2026 and 2027 respectively. The eurozone economy saw some growth return in 2024 after a long period of stagnation that started during the energy crisis but expectations for 2025 remain modest. The export environment continues to be plagued by weak global demand amidst trade tensions and investments are stymied by global uncertainty. Expectations of a pickup in growth likely hangs on stronger public investment – think of defense spending or German infrastructure investment – but that will only gradually start to positively impact economic growth. Consensus expects the eurozone to have grown by only 0.9percent in 2025, before recovering slightly to 1.1percent and 1.4percent in 2026 and 2027 respectively.

ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2025 - Unaudited 19

| Contents |     | Interim Report |     | Risk management |     | Condensed consolidated interim financial statements |     | Notes to the Condensed consolidated interim financial statements |     | Additional notes to the Condensed consolidated interim financial statements |     | Other information |

Elsewhere in Europe, the outlook is more upbeat. In Poland, domestic demand appears to remain the key growth driver over the near-term forecast. Consumption growth is projected to be solid this year and next, supported by real earning gains on the back of a tight labour market. Poland can also expect stronger defense investment, but also there it will be a story for 2026. The economy is expected to grow by 3.2percent in 2025, picking up to 3.4percent in 2026 and slowing to 2.8percent in 2027. The consensus expectation for Türkiye is to see growth pick up, from 2.9percent in 2025 to 3.3percent and 3.6