ING THINK economic and financial analysis

<!doctype html> <html lang="en"> <head> <meta http-equiv="Content-Security-Policy" content=""> <script src="/js/external_selligent.js"></script> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1"> <title>ING THINK economic and financial analysis | ING Think</title> <meta name="description" content="Do your thing with economic and financial analysis from ING Research"> <meta name="date_published" content= "2024-12-13" /> <meta name="copyright" content="© ING Groep N.V. All rights reserved." /> <meta name="generator" content="ING" /> <meta name="author" content="ING"> <link rel="canonical" href="https://think.ing.com/">  <meta property="og:site_name" content="ING Think"> <meta property="og:type" content=""> <meta property="og:url" content="https://think.ing.com/"> <meta property="og:title" content="ING THINK economic and financial analysis"> <meta property="og:description" content="Do your thing with economic and financial analysis from ING Research"> <meta property="og:image" content="https://think.ing.com/uploads/general/ING-THINK.jpg"> <meta property="og:image:url" content="https://think.ing.com/uploads/general/ING-THINK.jpg"> <meta property="og:image:secure_url" content="https://think.ing.com/uploads/general/ING-THINK.jpg"> <meta property="og:image:width" content=""> <meta property="og:image:height" content=""> <meta property="og:ïmage:alt" content=""> <meta property="og:image:type" content="">  <meta property="twitter:card" content="summary_large_image"> <meta property="twitter:site" content="@ING_Economics"> <meta property="twitter:title" content="ING THINK economic and financial analysis"> <meta property="twitter:Do your thing with economic and financial analysis from ING Research"> <meta property="twitter:image" content="https://think.ing.com/uploads/general/ING-THINK.jpg"> <meta name="twitter:widgets:theme" content="light"> <meta name="twitter:widgets:link-color" content="#55acee"> <meta name="twitter:widgets:border-color" content="#55acee"> <meta property="article:author" content="https://www.facebook.com/ING" /> <link rel="apple-touch-icon" sizes="57x57" href="https://think.ing.com/uploads/general/apple-touch-icon-57x57.png"> <link rel="apple-touch-icon" sizes="60x60" href="https://think.ing.com/uploads/general/apple-touch-icon-60x60.png"> <link rel="apple-touch-icon" sizes="72x72" href="https://think.ing.com/uploads/general/apple-touch-icon-72x72.png"> <link rel="apple-touch-icon" sizes="76x76" href="https://think.ing.com/uploads/general/apple-touch-icon-76x76.png"> <link rel="apple-touch-icon" sizes="114x114" href="https://think.ing.com/uploads/general/apple-touch-icon-114x114.png"> <link rel="apple-touch-icon" sizes="120x120" href="https://think.ing.com/uploads/general/apple-touch-icon-120x120.png"> <link rel="icon" type="image/png" href="https://think.ing.com/uploads/general/favicon-32x32.png" sizes="32x32"> <link rel="icon" type="image/png" href="https://think.ing.com/uploads/general/favicon-96x96.png" sizes="96x96"> <link rel="icon" type="image/png" href="https://think.ing.com/uploads/general/favicon-16x16.png" sizes="16x16"> <link rel="shortcut icon" href="https://think.ing.com/uploads/general/favicon.ico" /> <link rel="mask-icon" href="https://think.ing.com/uploads/general/safari-pinned-tab.svg" color="#ff6200" />  <link href="https://cdn.jsdelivr.net/npm/bootstrap@5.3.2/dist/css/bootstrap.min.css" rel="stylesheet" integrity="sha384-T3c6CoIi6uLrA9TneNEoa7RxnatzjcDSCmG1MXxSR1GAsXEV/Dwwykc2MPK8M2HN" crossorigin="anonymous"> <link href="/css/fontawesome-all.css" rel="stylesheet"> <link href="/css/think_main.css" rel="stylesheet"> <link href="/css/think_responsive.css" rel="stylesheet"> <link rel="stylesheet" href="https://cdn.jsdelivr.net/npm/swiper@11/swiper-bundle.min.css" /> </head> <body> <div class="fixed-top sticky-top-header bg-white shadow-sm d-lg-flex flex-column"> <header class="header-top"> <div class="container"> <div class="d-flex flex-wrap align-items-center justify-content-start w-100"> <a href="/" class="ing-logo" title="THINK homepage" aria-label="ING Logo" tabindex="-1"> <img class="ing-logo" src="https://think.ing.com/uploads/general/ing-logo.svg" alt="ING Logo"> </a> <form class="search-form col-12 col-lg-auto mx-lg-auto d-none d-lg-block" method="post" action="https://think.ing.com/" > <div class='hiddenFields'> <input type="hidden" name="params" value="eyJyZXF1aXJlZCI6ImtleXdvcmRzIn0" /> <input type="hidden" name="ACT" value="78" /> <input type="hidden" name="site_id" value="1" /> <input type="hidden" name="csrf_token" value="eb87f62bdab2fafcf7d43b1d86a5638088c65d27" data-updated="true" /> </div> <div class="input-group"> <input class="search-think form-control form-control-dark bg-white" type="search" name="keywords" role="search" placeholder="Search on ING THINK" maxlength="128" aria-expanded="false" aria-label="Search" tabindex="1"> <button class="search-think-btn btn bg-white" type="submit" tabindex="2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8 0 45.3s-32.8 12.5-45.3 0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9 0 208S93.1 0 208 0S416 93.1 416 208zM208 352a144 144 0 1 0 0-288 144 144 0 1 0 0 288z"/></svg> Search</button> </div> </form> <div class="text-end d-none d-lg-flex flex-nowrap align-items-center"> <div class="navbar-name fs-large"><strong class="text-orange">THINK</strong><span class="d-none d-xl-inline"> economic and financial analysis</span></div> </div> </div> </div> </header> <nav class="navbar-main navbar navbar-expand-lg py-1 mt-lg-auto" aria-label="ING THINK navigation"> <div class="container"> <div class="navbar-name position-fixed top-0 end-0 d-lg-none"><strong class="text-orange fs-larger">THINK</strong></div> <button class="navbar-toggler position-fixed top-0 end-0 m-3 border-0 rounded-0" type="button" aria-expanded="false" aria-label="Toggle navigation" data-bs-toggle="offcanvas" data-bs-target="#offcanvasTHINKnavbar" aria-controls="offcanvasTHINKnavbar"> <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 24 24" tabindex="-1" focusable="false"><g fill="#525199" fill-rule="evenodd"><path d="M22 18v2H2v-2zM18 11v2H2v-2zM20 4v2H2V4z"></path></g></svg> </button> <ul class="navbar-nav w-100 mb-2 mb-lg-0 d-none d-lg-flex pb-1"> <li class="nav-item me-4"> <a class="nav-link fs-large py-0" aria-current="page" href="/" tabindex="3">Home</a> </li> <li class="nav-item dropdown position-static me-4"> <a class="nav-link dropdown-toggle fs-large py-0" href="#" data-bs-toggle="dropdown" data-category_name="markets" aria-expanded="false" tabindex="4">Markets</a> <ul class="dropdown-menu w-100 rounded-0 shadow-sm mt-0"> <div class="container-fluid"> <div class="container"> <div class="row"> <div class="col-lg-4 col-xl-3"> <ul class="list-group list-group-flush"> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/market/fx/">FX <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/market/credit/">Credit <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/market/rates/">Rates <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/market/commodities/">Commodities <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </ul> </div> <div class="col d-none d-lg-block"> <div class="ajax_load_cats_latest" data-category_name="markets">  </div> </div> </div>  </div> </div> </ul> </li> <li class="nav-item dropdown position-static me-4"> <a class="nav-link fs-large dropdown-toggle py-0" href="#" data-bs-toggle="dropdown" aria-expanded="false" data-category_name="economy" tabindex="5">Economy</a> <ul class="dropdown-menu w-100 rounded-0 shadow-sm mt-0"> <div class="container-fluid"> <div class="container"> <div class="row"> <div class="col-lg-4 col-xl-3"> <ul class="list-group list-group-flush"> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/europe/">Europe <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/central-and-eastern-europe/">Central and Eastern Europe <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/north-america/">North America <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/asia-pacific/">Asia/Pacific <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/latin-america/">Latin America <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/middle-east-africa/">Middle East and Africa <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/commonwealth-of-independent-states/">Commonwealth of Independent States <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/trade/">Trade <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/ai/">AI <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </ul> </div> <div class="col-lg-8 col-xl-9"> <div class="ajax_load_cats_latest" data-category_name="economy">  </div> </div> </div>  </div> </div> </ul> </li> <li class="nav-item dropdown position-static me-4"> <a class="nav-link fs-large dropdown-toggle py-0" href="#" data-bs-toggle="dropdown" data-category_name="sectors" aria-expanded="false" tabindex="6">Sectors</a> <ul class="dropdown-menu w-100 rounded-0 shadow-sm mt-0"> <div class="container-fluid"> <div class="container"> <div class="row"> <div class="col-lg-4 col-xl-3"> <ul class="list-group list-group-flush"> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/commodities-food-agri/">Commodities, Food & Agri <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/energy/">Energy <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/financial-institutions/">Financial Institutions <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/logistics-automotive/">Transport & Logistics <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/real-estate/">Real estate <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/retail-construction-manufacturing/">Corporate Sector Coverage <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/sustainability/">Sustainability <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/tmt/">TMT <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/healthcare/">Healthcare <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </ul> </div> <div class="col d-none d-lg-block"> <div class="ajax_load_cats_latest" data-category_name="sectors">  </div> </div> </div>  </div> </div> </ul> </li> <li class="nav-item me-4"> <a class="nav-link fs-large py-0" href="/forecasts/" tabindex="7">Forecasts</a> </li> <li class="nav-item me-4"> <a class="nav-link fs-large py-0" href="/about/meet-the-team/" tabindex="8">Meet the team</a> </li> <li class="nav-item ms-auto"> <a class="nav-link p-0 ms-auto mt-1" href="https://research.ing.com/" target="_blank" tabindex="-1">research.ing.com <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a> </li> </ul> </div> </nav> <nav class="offcanvas offcanvas-start" id="offcanvasTHINKnavbar" aria-labelledby="offcanvasTHINKnavbar"> <div class="offcanvas-header border-bottom position-relative" style="min-height: 76px;"> <div class="navbar-name position-absolute top-0 bottom-0 start-0 end-0 d-flex justify-content-start me-0" title="THINK economic and financial analysis" aria-label="THINK economic and financial analysis"> <a class="text-orange text-decoration-none fw-bold fs-larger p-3" href="/" style="outline: none !important;">THINK</a> </div> <button class="btn-close p-3 rounded-0 me-2 position-absolute end-0" type="button" data-bs-dismiss="offcanvas" aria-label="Close"></button> </div> <div class="offcanvas-body"> <form class="" method="post" action="https://think.ing.com/" > <div class='hiddenFields'> <input type="hidden" name="params" value="eyJyZXF1aXJlZCI6ImtleXdvcmRzIn0" /> <input type="hidden" name="ACT" value="78" /> <input type="hidden" name="site_id" value="1" /> <input type="hidden" name="csrf_token" value="eb87f62bdab2fafcf7d43b1d86a5638088c65d27" data-updated="true" /> </div> <div class="input-group"> <input class="search-think form-control form-control-dark bg-white" type="search" name="keywords" role="search" placeholder="Search on ING THINK" maxlength="128" aria-expanded="false" aria-label="Search" tabindex="1"> <button class="search-think-btn btn bg-white" type="submit" tabindex="2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8 0 45.3s-32.8 12.5-45.3 0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9 0 208S93.1 0 208 0S416 93.1 416 208zM208 352a144 144 0 1 0 0-288 144 144 0 1 0 0 288z"/></svg> Search</button> </div></form> <ul class="list-group list-group-flush mt-3"> <a class="list-group-item fs-large" href="/">Home</a> <a class="list-group-item fs-large" href="/latest/">Latest</a> <a class="list-group-item fs-large" href="/forecasts/">Forecasts</a> <a class="list-group-item dropdown collapsed fs-large" data-bs-toggle="collapse" data-bs-target="#landing-collapse" aria-expanded="false">Our economic and financial analysis</a> <div class="collapse" id="landing-collapse"> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item fs-large" href="/snaps/">Snaps</a> <a class="list-group-item fs-large" href="/articles/">Articles</a> <a class="list-group-item fs-large" href="/reports/">Reports</a> <a class="list-group-item fs-large" href="/opinions/">Opinions</a> <a class="list-group-item fs-large" href="/podcasts/">Podcasts</a> <a class="list-group-item fs-large" href="/bundles/">Bundles</a> <a class="list-group-item fs-large" href="/topics/">Topics</a> </ul> </div> </ul> <ul class="list-group list-group-flush mt-3"> <a class="list-group-item dropdown collapsed fs-large" data-bs-toggle="collapse" data-bs-target="#market-collapse" aria-expanded="false">Markets</a> <div class="collapse" id="market-collapse"> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item ps-4" href="/market/fx/">FX</a> <a class="list-group-item ps-4" href="/market/credit/">Credit</a> <a class="list-group-item ps-4" href="/market/rates/">Rates</a> <a class="list-group-item ps-4" href="/market/commodities/">Commodities</a> </ul> </div> <a class="list-group-item dropdown collapsed fs-large" data-bs-toggle="collapse" data-bs-target="#economy-collapse" aria-expanded="false">Economy</a> <div class="collapse" id="economy-collapse"> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item ps-4" href="/economy/europe/">Europe</a> <a class="list-group-item ps-4" href="/economy/central-and-eastern-europe/">Central and Eastern Europe</a> <a class="list-group-item ps-4" href="/economy/north-america/">North America</a> <a class="list-group-item ps-4" href="/economy/asia-pacific/">Asia/Pacific</a> <a class="list-group-item ps-4" href="/economy/latin-america/">Latin America</a> <a class="list-group-item ps-4" href="/economy/middle-east-africa/">Middle East and Africa</a> <a class="list-group-item ps-4" href="/economy/commonwealth-of-independent-states/">Commonwealth of Independent States</a> <a class="list-group-item ps-4" href="/economy/trade/">Trade</a> <a class="list-group-item ps-4" href="/economy/ai/">AI</a> </ul> </div> <a class="list-group-item dropdown collapsed fs-large" data-bs-toggle="collapse" data-bs-target="#sector-collapse" aria-expanded="false">Sectors</a> <div class="collapse" id="sector-collapse"> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item ps-4" href="/sector/commodities-food-agri/">Commodities, Food & Agri</a> <a class="list-group-item ps-4" href="/sector/energy/">Energy</a> <a class="list-group-item ps-4" href="/sector/financial-institutions/">Financial Institutions</a> <a class="list-group-item ps-4" href="/sector/logistics-automotive/">Transport & Logistics</a> <a class="list-group-item ps-4" href="/sector/real-estate/">Real estate</a> <a class="list-group-item ps-4" href="/sector/retail-construction-manufacturing/">Corporate Sector Coverage</a> <a class="list-group-item ps-4" href="/sector/sustainability/">Sustainability</a> <a class="list-group-item ps-4" href="/sector/tmt/">TMT</a> <a class="list-group-item ps-4" href="/sector/healthcare/">Healthcare</a> </ul> </div> </ul> <ul class="list-group list-group-flush border-bottom mt-3"> <a class="list-group-item fs-large" href="/about/meet-the-team/">Meet the team</a> </ul> <ul class="list-group list-group-flush border-bottom mt-3"> <a class="list-group-item fs-large" href="https://research.ing.com/" target="_blank">research.ing.com <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a> </ul> </div> </nav> </div> <div class="nav-padding"></div> <div class="navbar-mobile-wrapper"> <nav class="navbar navbar-mobile fixed-bottom navbar-expand navbar-light bg-light border-top d-sm-none z-index-top"> <div class="container-fluid px-0"> <div class="collapse navbar-collapse" id="navbarCollapse"> <ul class="navbar-nav justify-content-around w-100"> <li class="nav-item"> <button class="nav-link" aria-expanded="false" aria-label="Toggle navigation" data-bs-toggle="offcanvas" data-bs-target="#offcanvasTHINKnavbar" aria-controls="offcanvasTHINKnavbar">Menu <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 24 24" tabindex="-1" focusable="false"><g fill="#525199" fill-rule="evenodd"><path d="M22 18v2H2v-2zM18 11v2H2v-2zM20 4v2H2V4z"></path></g></svg></button> </li> <li class="nav-item"> <a class="nav-link" href="/latest/">Latest</a> </li> <li class="nav-item"> <a class="nav-link" href="/forecasts/">Forecasts</a> </li> <li class="nav-item"> <a class="nav-link" href="/forecasts/" data-bs-toggle="modal" data-bs-target="#searchModalMobile" id="toggleModalButton"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8 0 45.3s-32.8 12.5-45.3 0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9 0 208S93.1 0 208 0S416 93.1 416 208zM208 352a144 144 0 1 0 0-288 144 144 0 1 0 0 288z"/></svg> Search</a> </li> </ul> </div> </div> </nav> </div> <div class="modal fade searchModalMobile" id="searchModalMobile" tabindex="-1" aria-labelledby="searchModalMobileLabel" aria-hidden="true"> <div class="modal-dialog p-1"> <div class="modal-content bg-ing-orange"> <div class="modal-body"> <form class="" method="post" action="https://think.ing.com/" > <div class='hiddenFields'> <input type="hidden" name="params" value="eyJyZXF1aXJlZCI6ImtleXdvcmRzIn0" /> <input type="hidden" name="ACT" value="78" /> <input type="hidden" name="site_id" value="1" /> <input type="hidden" name="csrf_token" value="eb87f62bdab2fafcf7d43b1d86a5638088c65d27" data-updated="true" /> </div> <div class="input-group"> <input class="search-think form-control form-control-dark bg-white" type="search" name="keywords" role="search" placeholder="Search on ING THINK" maxlength="128" aria-expanded="false" aria-label="Search" tabindex="1"> <button class="search-think-btn btn bg-white" type="submit" tabindex="2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8 0 45.3s-32.8 12.5-45.3 0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9 0 208S93.1 0 208 0S416 93.1 416 208zM208 352a144 144 0 1 0 0-288 144 144 0 1 0 0 288z"/></svg> Search</button> </div></form> </div> </div> </div> </div> <nav class="banner-snaps container-fluid bg-light d-none d-lg-block"> <div class="container d-flex align-items-center position-relative"> <a class="snaps-btn btn btn-outline-primary text-nowrap me-3" href="/snaps/">Latest Snap</a> <div class="snaps-wrapper d-flex flex-nowrap align-items-center"> <div class=""> <a class="d-flex align-items-center link-primary fw-bold border-start px-3" href="/snaps/polands-external-position-remains-solid-due-to-improved-income-and-services-balances/"> Poland’s external position remains solid amid better… </a> </div> <div class=""> <a class="d-flex align-items-center link-primary fw-bold border-start px-3" href="/snaps/poland-inflation-nov-24/"> Polish inflation shows limited room for easing in 2025 </a> </div> <div class="d-none d-xxl-block"> <a class="d-flex align-items-center link-primary fw-bold border-start px-3" href="/snaps/spanish-headline-inflation-spike-is-no-cause-for-concern/"> Spanish headline inflation spike is no cause for concern </a> </div> <div class="d-none d-xxxl-block"> <a class="d-flex align-items-center link-primary fw-bold border-start px-3" href="/snaps/uk-economic-momentum-slows-further-but-budget-boost/"> UK economic momentum slows further but budget boost is… </a> </div> </div> <a class="btn btn-orange text-nowrap" href="/sign-up/">Sign-up now<svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M313.4 32.9c26 5.2 42.9 30.5 37.7 56.5l-2.3 11.4c-5.3 26.7-15.1 52.1-28.8 75.2H464c26.5 0 48 21.5 48 48c0 18.5-10.5 34.6-25.9 42.6C497 275.4 504 288.9 504 304c0 23.4-16.8 42.9-38.9 47.1c4.4 7.3 6.9 15.8 6.9 24.9c0 21.3-13.9 39.4-33.1 45.6c.7 3.3 1.1 6.8 1.1 10.4c0 26.5-21.5 48-48 48H294.5c-19 0-37.5-5.6-53.3-16.1l-38.5-25.7C176 420.4 160 390.4 160 358.3V320 272 247.1c0-29.2 13.3-56.7 36-75l7.4-5.9c26.5-21.2 44.6-51 51.2-84.2l2.3-11.4c5.2-26 30.5-42.9 56.5-37.7zM32 192H96c17.7 0 32 14.3 32 32V448c0 17.7-14.3 32-32 32H32c-17.7 0-32-14.3-32-32V224c0-17.7 14.3-32 32-32z"/></svg></a> </div> </nav> <main class="main"> <div class="container mb-3 my-lg-5"> <div class="row gx-md-5"> <div class="col-12"> <div class="homeSwiper-wrapper position-relative my-3 mt-lg-0 mb-lg-5"> <div class="swiper homeSwiper"> <div class="swiper-wrapper"> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/articles/fed-set-to-cut-25bp-but-to-signal-a-slower-shallower-path-ahead/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_US_Federal_Reserve_121224_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Fed set to cut 25bp but to signal a slower, shallower path ahead"> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">FX</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">United States</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">Fed set to cut 25bp but to signal a slower, shallower path ahead</h3><br /> <p class="card-text fs-larger">The Fed looks set to cut rates another 25bp but signal a slower, shallower rate cutting profile for 2025</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734078951"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="/author/james-knightley/" tabindex="-1">James Knightley</a></object>, <object><a href="/author/padhraic-garvey/" tabindex="-1">Padhraic Garvey, CFA</a></object> and <object><a href="/author/chris-turner/" tabindex="-1">Chris Turner</a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/bundles/fx-talking-waiting-on-storm-trump-bundle/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_FXTDec24_webp_40cd750bba9870f18aada2478b24840a.webp" alt="FX Talking: Waiting on Storm Trump" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="badge-bundle me-2">Bundle</span> <span class="entry_category-wrapper lh-lg"><span class="entry_category">FX</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">FX Talking: Waiting on Storm Trump</h3><br /> <p class="card-text fs-larger">All of the latest from our team on what could be on the cards for the FX market across the globe</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734002608"></span> <hr class="mt-1 mb-3"> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/articles/ecb-ends-the-year-with-yet-another-rate-cut-next-halt-is-neutral/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_14997147j_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Another rate cut from the ECB and the next stop is 'neutral'"> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="entry_category-wrapper lh-lg"></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">Another rate cut from the ECB and the next stop is ‘neutral’</h3><br /> <p class="card-text fs-larger">The ECB cuts interest rates again and is moving towards neutral rates</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734016771"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="/author/carsten-brzeski/" tabindex="-1">Carsten Brzeski</a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/podcasts/listen-trump-trade-wars-and-tense-politics-how-2025-could-unfold/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_THINK-aloud-podcast_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Listen: Trump, Trade Wars, and Tense Politics - How 2025 could unfold" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="entry_category-wrapper lh-lg"></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">Listen: Trump, Trade Wars, and Tense Politics - How 2025 could unfold</h3><br /> <p class="card-text fs-larger">In this podcast, ING's James Knightley, Carsten Brzeski, and James Smith discuss the themes that will shape the economy, inflation and interest rates…</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1733905354"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="/author/james-knightley/" tabindex="-1">James Knightley</a></object>, <object><a href="/author/carsten-brzeski/" tabindex="-1">Carsten Brzeski</a></object> and 2 others </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/bundles/truck-and-trailer-market-outlook-stirred-towards-a-greener-reality-after-extraordinary-times/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_EU-increases-truck-parking-funding-in-response-to-industry-calls_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Truck and trailer market outlook 2025: navigating a greener future after extraordinary times" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="badge-bundle me-2">Bundle</span> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Transport & Logistics</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">Truck and trailer market outlook 2025: navigating a greener future after extraordinary times</h3><br /> <p class="card-text fs-larger">European demand for transport equipment has declined</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734001418"></span> <hr class="mt-1 mb-3"> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/bundles/commodities-outlook-2025-a-bearish-horizon/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_Commodities_hero_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Commodities Outlook 2025: A bearish horizon" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="badge-bundle me-2">Bundle</span> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Commodities, Food & Agri</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">Commodities Outlook 2025: A bearish horizon</h3><br /> <p class="card-text fs-larger">Our take on what 2025 could bring for the entire commodities complex</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734001776"></span> <hr class="mt-1 mb-3"> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/bundles/rates-in-2025-back-to-the-future/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_Hero_image_-_shutterstock_editorial_5886092bl_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Rates in 2025: back to the future" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="badge-bundle me-2">Bundle</span> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">Rates in 2025: back to the future</h3><br /> <p class="card-text fs-larger">A look at what 2025 has in store for market rates, curve shapes, spreads and more </p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1733988535"></span> <hr class="mt-1 mb-3"> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/articles/three-calls-for-the-dutch-economy-in-2025-consumption-inflation-and-productivity-growth/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_Netherlandsshopping_1_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Three calls for the Dutch economy in 2025: consumption, inflation and productivity growth "> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="entry_category-wrapper lh-lg"><span class="entry_category text">The Netherlands</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">Three calls for the Dutch economy in 2025: consumption, inflation and productivity growth</h3><br /> <p class="card-text fs-larger">Consumption will be the main growth driver in the Netherlands in 2025</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1733820085"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="/author/marcel-klok/" tabindex="-1">Marcel Klok</a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="/bundles/ings-global-outlook-economics-actually-our-2025-hit-list/" class="card card_entry bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter m-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_5884946m_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Economics, Actually', our 2025 hit list - All the articles" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body pt-0 py-lg-3"> <div class="card-text text-grey"> <span class="badge-bundle me-2">Bundle</span> <span class="entry_category-wrapper lh-lg"><span class="entry_category text">Trade</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block mb-2" tabindex="-1">Economics, Actually’, our 2025 hit list - All the articles</h3><br /> <p class="card-text fs-larger">ING's global outlook for 2025</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1733381448"></span> <hr class="mt-1 mb-3"> </div> </div> </div> </a> </div> </div> </div> <div class="swiper-pagination"></div> <div class="swiper-button-next"></div> <div class="swiper-button-prev"></div> </div> </div> </div> <div class="row gx-md-5"> <div class="col-12"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0">Our latest</h3> <a class="btn btn-outline-primary text-nowrap" href="/articles/">More articles <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </div> </div> <div class="col-lg-4 mb-3 mb-md-5 d-md-flex align-items-stretch"> <a href="/snaps/polands-external-position-remains-solid-due-to-improved-income-and-services-balances/" class="card card_entry card_thumb_large bg-white "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2"> <div class="card-text text-grey"> <span class="entry_category-wrapper lh-lg"><span class="entry_category text">Poland</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-12 order-first mt-3 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_Poland_zloty_120124_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Poland’s external position remains solid amid better income and services balances" loading="lazy"> </div> </div> <div class="col col-lg-12"> <h4 class="card-title d-inline-block mb-2">Poland’s external position remains solid amid better income and services balances</h4> </div> <div class="col-12 pb-2"> <p class="card-text fs-large">Poland’s external position was maintained in October due to improved income and services balances</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734102835"></span> </div> </a> </div> <div class="col-lg-4 mb-3 mb-md-5 d-md-flex align-items-stretch"> <a href="/articles/think-ahead-a-christmas-pantomime/" class="card card_entry card_thumb_large bg-white "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2"> <div class="card-text text-grey"> <span class="entry_category-wrapper lh-lg"></span> </div> </div> <div class="col-12 order-first mt-3 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_9238276g_webp_40cd750bba9870f18aada2478b24840a.webp" alt="THINK Ahead: A Christmas pantomime" loading="lazy"> </div> </div> <div class="col col-lg-12"> <h4 class="card-title d-inline-block mb-2">THINK Ahead: A Christmas pantomime</h4> </div> <div class="col-12 pb-2"> <p class="card-text fs-large">James Smith’s theatrical look at the week ahead</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734099005"></span> </div> </a> </div> <div class="col-lg-4 mb-3 mb-md-5 d-md-flex align-items-stretch"> <a href="/articles/asia-week-ahead-131224/" class="card card_entry card_thumb_large bg-white "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2"> <div class="card-text text-grey"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Asia week ahead</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">China</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">Indonesia</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">Japan</span><div class="vr mx-1 mx-lg-2"></div>...<div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-12 order-first mt-3 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_150318-image-asia-vector_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Asia week ahead: Central bank meetings in the spotlight" loading="lazy"> </div> </div> <div class="col col-lg-12"> <h4 class="card-title d-inline-block mb-2">Asia week ahead: Central bank meetings in the spotlight</h4> </div> <div class="col-12 pb-2"> <p class="card-text fs-large">Policy decisions in Japan, Indonesia and the Philippines will be key to watch next week in Asia</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734089867"></span> </div> </a> </div><div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/snaps/poland-inflation-nov-24/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category text">Poland</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_14980416b_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Polish inflation shows limited room for easing in 2025" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Polish inflation shows limited room for easing in 2025</strong> <span class="last_updated p-0" data-edit-date="1734088856"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/snaps/spanish-headline-inflation-spike-is-no-cause-for-concern/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category text">Spain</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_Spainpetrol_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Spanish headline inflation spike is no cause for concern" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Spanish headline inflation spike is no cause for concern</strong> <span class="last_updated p-0" data-edit-date="1734083997"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/articles/fed-set-to-cut-25bp-but-to-signal-a-slower-shallower-path-ahead/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">FX</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">United States</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_US_Federal_Reserve_121224_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Fed set to cut 25bp but to signal a slower, shallower path ahead" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Fed set to cut 25bp but to signal a slower, shallower path ahead</strong> <span class="last_updated p-0" data-edit-date="1734078951"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/snaps/uk-economic-momentum-slows-further-but-budget-boost/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category text">United Kingdom</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_090819-image-london-uk_webp_40cd750bba9870f18aada2478b24840a.webp" alt="UK economic momentum slows further but budget boost is coming" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">UK economic momentum slows further but budget boost is coming</strong> <span class="last_updated p-0" data-edit-date="1734075979"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/articles/national-bank-of-hungary-preview-the-pause-goes-on/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category text">Hungary</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_National_Bank_of_Hungary_240924_webp_40cd750bba9870f18aada2478b24840a.webp" alt="National Bank of Hungary Preview: The pause goes on" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">National Bank of Hungary Preview: The pause goes on</strong> <span class="last_updated p-0" data-edit-date="1734081924"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/articles/fx-daily-eurusd-bears-survive-the-ecb-test/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">FX</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_euro_and_ECB_200722_webp_40cd750bba9870f18aada2478b24840a.webp" alt="FX Daily: EUR/USD bears survive the ECB test" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">FX Daily: EUR/USD bears survive the ECB test</strong> <span class="last_updated p-0" data-edit-date="1734075443"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/articles/rates-spark-not-as-dovish-as-hoped/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Rates Spark</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_ECB_President_Lagarde_121224_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Rates Spark: Not as dovish as hoped" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Rates Spark: Not as dovish as hoped</strong> <span class="last_updated p-0" data-edit-date="1734042576"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/articles/ecb-ends-the-year-with-yet-another-rate-cut-next-halt-is-neutral/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_14997147j_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Another rate cut from the ECB and the next stop is 'neutral'" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Another rate cut from the ECB and the next stop is ‘neutral’</strong> <span class="last_updated p-0" data-edit-date="1734016771"></span> </div> </div>  </div> </a> </div> <div class="m-0" id="js-load-more-container"></div> <div class="col-12 text-center mb-5"> <button id="js-load-more" class="btn btn-primary load" data-js="loadMoreCardsChannel" data-ee-offset="11" data-ee-limit="4" data-ee-channel="snap|article">Load more</button> </div> </div>  <div class="row gx-md-5 mb-0 mb-lg-5"> <div class="col-lg-6 mb-3 mb-md-4"> <a href="/topics/ing-2025-outlooks/" class="card card_topic text-bg-dark w-100 h-100 mb-3 mb-md-5 shadow"> <div class="card-frame"> <img src="https://think.ing.com/uploads/topics/_webp/w1296h729_shutterstock_2320704435_webp_40cd750bba9870f18aada2478b24840a.webp" class="card-img" alt="Our top calls for the global economy in 2025" loading="lazy"> </div> <div class="d-flex align-content-center flex-wrap py-lg-4 px-4 h-100"> <div class="row"> <div class="col-lg-11"> <div class="card-text small-header text-light"> </div> <h3 class="every-line mb-3"><span>Our top calls for the global economy in 2025</span></h3> </div> <div class="col-lg-10 d-none d-lg-block"> <p class="card-text text-white fs-large bg-black-50 px-lg-3 py-lg-2 rounded">All of the latest from our team on what 2025 could bring for markets across the globe</p> </div> </div>  </div> </a> </div> <div class="col-lg-3 mb-3 mb-md-4"> <div class="h-100 bg-ing-fuchsia-tint3 position-relative p-4 mb-3 mb-md-4 rounded"> <img src="/uploads/general/illu-globe.svg" class="position-absolute bottom-0 end-0 w-25 m-lg-4"> <div class="fw-bold mb-4">Regions</div> <h3 class="fw-light position-relative me-5 pe-5 me-md-0 pe-md-0" style="min-height: 11rem;">All over the world our analysts write about their <a href="/economy/regions/" class="text-orange text-wrap" style="color: #ff6200 !important;">dedicated region.</a></h3> </div> </div> <div class="col-lg-3 mb-3 mb-md-4"> <div class="sign-up-newsletter border rounded h-100"> <div class="p-4 h-100"> <div class="d-none d-lg-block fw-bold mb-4"> </div> <h3 class="text-orange mb-lg-4"><span class="fw-light">Get the latest</span> economic and financial analysis <span class="fw-light">sent straight to your inbox.</span></h3> <a href="https://think.ing.com/sign-up/" class="btn btn-orange">Sign up<span class="d-none d-md-inline"> to ING THINK</span></a> </div> </div> </div> </div>  </div>  <div class="featurebox container-fluid bg-ing-indigo-tint3 d-flex align-items-center mb-5"> <div class="container position-relative"> <div class="row gx-md-5 py-4 py-lg-5"> <div class="col-12 col-lg-3 position-relative"> <div class="position-relative mb-3 mb-lg-5"> <h2 class="display-5 fw-light"><span>Economics, Actually, our 2025 hit list</span></h2> </div> </div> <div class="col-12 col-lg-3 d-flex flex-column flex-wrap"> <a href="/articles/macro-outlook-intro-economics-actually-have-we-learnt-nothing/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_5884946m_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Economics, actually: Our 2025 hit list" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Economics, actually: Our 2025 hit list</strong> <span class="last_updated p-0" data-edit-date="1733330008"></span> </div> </div>  </div> </a> </div> <div class="col-12 col-lg-6"> <div class="row gx-md-5 h-100"> <div class="col-12 col-lg-6 d-flex flex-column flex-wrap mb-4"> <a href="/articles/macro-outlook-three-calls-for-the-global-economy/" class="card card_entry bg-light mb-3 mb-md-4 "> <div class="card-body pt-2 pb-0"> <div class="card-text small text-grey"> <span class="entry_category-wrapper lh-lg"></span> </div> <strong class="card-title d-block fs-large">Three calls for the global economy: Inflation waves and investment demands</strong> </div> <div class="card-footer"> <span class="last_updated p-0" data-edit-date="1733324943"></span> </div> </a> </div> <div class="col-12 col-lg-6 d-flex flex-column flex-wrap mb-4"> <a href="/articles/outlook-what-could-go-wrong-or-right-in-2025/" class="card card_entry bg-light mb-3 mb-md-4 "> <div class="card-body pt-2 pb-0"> <div class="card-text small text-grey"> <span class="entry_category-wrapper lh-lg"></span> </div> <strong class="card-title d-block fs-large">Our hit list: What could go right - or wrong - in 2025</strong> </div> <div class="card-footer"> <span class="last_updated p-0" data-edit-date="1733330783"></span> </div> </a> </div> <div class="col-12 col-lg-6 d-flex flex-column flex-wrap"> <a href="/articles/macro-outlook-central-bank-calls-2025/" class="card card_entry bg-light mb-3 mb-md-4 "> <div class="card-body pt-2 pb-0"> <div class="card-text small text-grey"> <span class="entry_category-wrapper lh-lg"></span> </div> <strong class="card-title d-block fs-large">Central banks in 2025: They’re singing a different tune</strong> </div> <div class="card-footer"> <span class="last_updated p-0" data-edit-date="1733325157"></span> </div> </a> </div> <div class="col-12 col-lg-6 d-flex flex-column flex-wrap"> <a href="/articles/three-calls-for-trade-all-the-known-unknowns/" class="card card_entry bg-light mb-3 mb-md-4 "> <div class="card-body pt-2 pb-0"> <div class="card-text small text-grey"> <span class="entry_category-wrapper lh-lg"><span class="entry_category text">Trade</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <strong class="card-title d-block fs-large">Three calls for trade: All the known unknowns</strong> </div> <div class="card-footer"> <span class="last_updated p-0" data-edit-date="1733325218"></span> </div> </a> </div> </div>  </div> </div>  </div> </div>  <div class="container"> <div class="row"> <div class="col-12"> <hr class="hr-2"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0">Sustainability matters</h3> <a class="btn btn-outline-primary text-nowrap" href="/sector/sustainability/">More sustainability <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </div> </div> </div>  <div class="row gx-md-5"> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/articles/why-road-haulage-sector-recovery-in-the-slow-lane/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Transport & Logistics</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_20240810_125628_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Why Europe's road haulage recovery is stuck in the slow lane" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Why Europe’s road haulage recovery is stuck in the slow lane</strong> <span class="last_updated p-0" data-edit-date="1733999587"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/articles/carrot-and-stick-the-key-to-germanys-green-transition-of-the-housing-market/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Energy</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">Germany</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_14318357u_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Carrot and Stick: The key to Germany's green housing transition" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Carrot and Stick: The key to Germany’s green housing transition</strong> <span class="last_updated p-0" data-edit-date="1732628649"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/articles/watch-what-cop29s-dramatic-closing-chapter-could-mean-for-corporates/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Energy</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img loading="lazy" src="/uploads/youtube/what-cop29s-dramatic-closing-chapter-could-mean-for-corporates-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Watch: What COP29’s dramatic closing chapter could mean for corporates</strong> <span class="last_updated p-0" data-edit-date="1732534219"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/opinions/what-cop29-could-mean-for-corporate-leaders/" class="card card_entry bg-light w-100 mb-3 mb-lg-4 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2 px-0 px-lg-3"> <div class="card-text text-grey mt-lg-1"> <span class="badge-opinion me-2">Opinion</span> <p class="fw-bold text-orange mb-0">By Gerben Hieminga and Coco Zhang</p> </div> </div> <div class="col-4 col-lg-12 order-lg-first mt-2 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2514742545_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Everything corporate leaders should know about COP29" loading="lazy"> </div> </div> <div class="col col-lg-12 px-lg-3 pb-lg-2"> <strong class="card-title d-block fs-large">Everything corporate leaders should know about COP29</strong> <span class="last_updated p-0" data-edit-date="1731939101"></span> </div> </div>  </div> </a> </div> </div>  <div class="row gx-md-5"> <div class="col-sm-12"> <hr class="hr-2"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0">Full PDF reports</h3> <a class="btn btn-outline-primary text-nowrap" href="/reports/">More reports <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </div> </div> <div class="col-lg-4 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/reports/truck-and-trailer-market-outlook-2025-navigating-a-greener-future-after-extraordinary-times/" class="card card_entry card_thumb_large bg-white "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2"> <div class="card-text text-grey"> <span class="badge-report me-2">Report</span> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Transport & Logistics</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-12 order-first mt-3 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> <svg xmlns="http://www.w3.org/2000/svg" height="2em" viewBox="0 0 512 512"><path d="M0 0H224V160H384V304H112V512H0V0zM384 128H256V0L384 128zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32 16H160V496 448 368 352h16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304 288V496 368 352h16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-128h16 48 16v32H480 448v32h32 16v32H480 448v48 16H416V496 432 368 352z"/></svg> </div> <div class="rounded-top ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2462394195_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Truck and trailer market outlook 2025: navigating a greener future after extraordinary times" loading="lazy"> </div> </div> <div class="col col-lg-12"> <h4 class="card-title d-inline-block mb-2">Truck and trailer market outlook 2025: navigating a greener future after extraordinary times</h4> </div> <div class="col-12 pb-2"> <p class="card-text fs-large">European demand for transport equipment has cooled. So what does next year have in store for the trucks and trailers market?</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734001387"></span> <hr class="my-2"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="/author/rico-luman/" tabindex="-1">Rico Luman</a></object> and <object><a href="/author/oleksiy-soroka-cfa/" tabindex="-1">Oleksiy Soroka, CFA</a></object> </p> <p class="card-text my-2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M64 464H96v48H64c-35.3 0-64-28.7-64-64V64C0 28.7 28.7 0 64 0H229.5c17 0 33.3 6.7 45.3 18.7l90.5 90.5c12 12 18.7 28.3 18.7 45.3V288H336V160H256c-17.7 0-32-14.3-32-32V48H64c-8.8 0-16 7.2-16 16V448c0 8.8 7.2 16 16 16zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32c0 8.8-7.2 16-16 16s-16-7.2-16-16V448 368c0-8.8 7.2-16 16-16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304c-8.8 0-16-7.2-16-16V368c0-8.8 7.2-16 16-16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-112c0-8.8 7.2-16 16-16h48c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v32h32c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v48c0 8.8-7.2 16-16 16s-16-7.2-16-16V432 368z"/></svg> <object><a class="d-inline-flex" href="https://think.ing.com/uploads/reports/Trucks_and_Trailers_Outlook.pdf" download><span class="text-nowrap">Download PDF</span></a></object></p> </div> </a> </div> <div class="col-lg-4 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/reports/fx-talking-waiting-on-storm-trump/" class="card card_entry card_thumb_large bg-white "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2"> <div class="card-text text-grey"> <span class="badge-report me-2">Report</span> <span class="entry_category-wrapper lh-lg"><span class="entry_category">FX</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">FX Talking</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-12 order-first mt-3 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> <svg xmlns="http://www.w3.org/2000/svg" height="2em" viewBox="0 0 512 512"><path d="M0 0H224V160H384V304H112V512H0V0zM384 128H256V0L384 128zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32 16H160V496 448 368 352h16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304 288V496 368 352h16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-128h16 48 16v32H480 448v32h32 16v32H480 448v48 16H416V496 432 368 352z"/></svg> </div> <div class="rounded-top ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_FXTDec24_webp_40cd750bba9870f18aada2478b24840a.webp" alt="FX Talking: Waiting on Storm Trump" loading="lazy"> </div> </div> <div class="col col-lg-12"> <h4 class="card-title d-inline-block mb-2">FX Talking: Waiting on Storm Trump</h4> </div> <div class="col-12 pb-2"> <p class="card-text fs-large">All of the latest from our team on what could be on the cards for the FX market across the globe</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734002066"></span> <hr class="my-2"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="/author/chris-turner/" tabindex="-1">Chris Turner</a></object> </p> <p class="card-text my-2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M64 464H96v48H64c-35.3 0-64-28.7-64-64V64C0 28.7 28.7 0 64 0H229.5c17 0 33.3 6.7 45.3 18.7l90.5 90.5c12 12 18.7 28.3 18.7 45.3V288H336V160H256c-17.7 0-32-14.3-32-32V48H64c-8.8 0-16 7.2-16 16V448c0 8.8 7.2 16 16 16zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32c0 8.8-7.2 16-16 16s-16-7.2-16-16V448 368c0-8.8 7.2-16 16-16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304c-8.8 0-16-7.2-16-16V368c0-8.8 7.2-16 16-16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-112c0-8.8 7.2-16 16-16h48c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v32h32c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v48c0 8.8-7.2 16-16 16s-16-7.2-16-16V432 368z"/></svg> <object><a class="d-inline-flex" href="https://think.ing.com/uploads/reports/FX_Talking_December_2024_Final_1.pdf" download><span class="text-nowrap">Download PDF</span></a></object></p> </div> </a> </div> <div class="col-lg-4 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/reports/commodities-outlook-2025-a-bearish-horizon-pdf/" class="card card_entry card_thumb_large bg-white "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2"> <div class="card-text text-grey"> <span class="badge-report me-2">Report</span> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Commodities, Food & Agri</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-12 order-first mt-3 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> <svg xmlns="http://www.w3.org/2000/svg" height="2em" viewBox="0 0 512 512"><path d="M0 0H224V160H384V304H112V512H0V0zM384 128H256V0L384 128zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32 16H160V496 448 368 352h16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304 288V496 368 352h16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-128h16 48 16v32H480 448v32h32 16v32H480 448v48 16H416V496 432 368 352z"/></svg> </div> <div class="rounded-top ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_Commodities_hero_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Commodities Outlook 2025: A bearish horizon" loading="lazy"> </div> </div> <div class="col col-lg-12"> <h4 class="card-title d-inline-block mb-2">Commodities Outlook 2025: A bearish horizon</h4> </div> <div class="col-12 pb-2"> <p class="card-text fs-large">The full report on what 2025 could bring for the commodities complex</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1734001936"></span> <hr class="my-2"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="/author/warren-patterson/" tabindex="-1">Warren Patterson</a></object> and <object><a href="/author/ewa-manthey/" tabindex="-1">Ewa Manthey</a></object> </p> <p class="card-text my-2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M64 464H96v48H64c-35.3 0-64-28.7-64-64V64C0 28.7 28.7 0 64 0H229.5c17 0 33.3 6.7 45.3 18.7l90.5 90.5c12 12 18.7 28.3 18.7 45.3V288H336V160H256c-17.7 0-32-14.3-32-32V48H64c-8.8 0-16 7.2-16 16V448c0 8.8 7.2 16 16 16zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32c0 8.8-7.2 16-16 16s-16-7.2-16-16V448 368c0-8.8 7.2-16 16-16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304c-8.8 0-16-7.2-16-16V368c0-8.8 7.2-16 16-16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-112c0-8.8 7.2-16 16-16h48c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v32h32c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v48c0 8.8-7.2 16-16 16s-16-7.2-16-16V432 368z"/></svg> <object><a class="d-inline-flex" href="https://think.ing.com/uploads/reports/Commodities_outlook_2025.pdf" download><span class="text-nowrap">Download PDF</span></a></object></p> </div> </a> </div> </div>  </div>  <div class="container-fluid bg-dark p-3 pt-lg-4 pb-lg-5 my-md-5"> <div class="container"> <div class="d-flex align-items-start justify-content-between mt-lg-3"> <h3 class="text-orange mb-lg-0">THINK vision</h3> </div> <div class="row gx-5"> <div class="col-lg-8"> <a href="https://www.youtube.com/watch?v=zCRpnEHUdRY" class="card card_video mb-2 mb-lg-0 mt-lg-3" data-toggle="lightbox" alt="Back to the future for rates "> <div class="row"> <div class="col-lg order-lg-last"> <div class="rounded mt-2"> <img loading="lazy" src="/uploads/youtube/watch-back-to-the-future-for-rates-abcdef-d8646f8d0558e21ca2cc37852cb7bbf9497da9d0.webp" class="w-100"></div> </div> <div class="col-lg-4 d-flex flex-column"> <div class="card-title h3 d-block mb-lg-5">Back to the future for rates </div> <div class="card-text fw-bold"><span class="entry_category-wrapper lh-lg"><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div></span></div> </div> </div>  </a> </div> <div class="col-lg d-flex flex-align-stretch position-relative overflow-auto scroll-window mx-lg-4"> <div class="position-absolute mt-2 me-lg-4"> <a href="https://youtu.be/bP25rhgNMsE" class="card card_video mb-4" data-toggle="lightbox" alt="Our top calls for the global economy in 2025"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Our top calls for the global economy in 2025</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/our-top-calls-for-the-global-economy-in-2025-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/LsUZE-icNZQ" class="card card_video mb-4" data-toggle="lightbox" alt="The FX fallout from Trump's tariff tirade "> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">The FX fallout from Trump’s tariff tirade </div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/the-fx-fallout-from-trumps-tariff-tirade-abcdef-d8646f8d0558e21ca2cc37852cb7bbf9497da9d0.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://www.youtube.com/watch?v=Ckws476d0eY" class="card card_video mb-4" data-toggle="lightbox" alt="What COP29's dramatic closing chapter could mean for corporates"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">What COP29’s dramatic closing chapter could mean for corporates</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/what-cop29s-dramatic-closing-chapter-could-mean-for-corporates-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"><span class="entry_category">Energy</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/ML9lQR0cgWg" class="card card_video mb-4" data-toggle="lightbox" alt="Europe's problems just got bigger with Trump's election victory"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Europe’s problems just got bigger with Trump’s election victory</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/europes-problems-just-got-bigger-with-trumps-election-victory-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/5hVyFzBnLgw" class="card card_video mb-4" data-toggle="lightbox" alt="How Trump's victory is changing market sentiment"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">How Trump’s victory is changing market sentiment</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/how-trumps-victory-is-changing-market-sentiment-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/q7deGXRwQMM" class="card card_video mb-4" data-toggle="lightbox" alt="The dollar's dominance is secure, despite BRICS countries' hopes"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">The dollar’s dominance is secure, despite BRICS countries’ hopes</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/the-dollars-dominance-is-secure-despite-brics-countries-hopes-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/SzVp2P55nLs" class="card card_video mb-4" data-toggle="lightbox" alt="Fed rate cuts: How fast and how far?"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Fed rate cuts: How fast and how far?</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/fed-rate-cuts-how-fast-and-how-far-abcdef-d8646f8d0558e21ca2cc37852cb7bbf9497da9d0.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"><span class="entry_category text">United States</span><div class="vr mx-1 mx-lg-2"></div></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/6OMSpjlX3v8" class="card card_video mb-4" data-toggle="lightbox" alt="How central European countries are avoiding the 'middle income trap'"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">How central European countries are avoiding the ‘middle income trap’</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/how-central-european-countries-are-avoiding-the-middle-income-trap-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/UwKMQAWaiMQ" class="card card_video mb-4" data-toggle="lightbox" alt="Watch: Monetary policy should not be the only game in town"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Watch: Monetary policy should not be the only game in town</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/watch-monetary-policy-should-not-be-the-only-game-in-town-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/L65TuAQJYN0" class="card card_video mb-4" data-toggle="lightbox" alt="Why green bonds are set to bounce back next year"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Why green bonds are set to bounce back next year</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/why-green-bonds-are-set-to-bounce-back-next-year-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-lg"><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span></div> </div> </div>  </a> </div>  </div>  </div>  </div> </div> <div class="container mb-5"> <div class="row gx-md-5"> <div class="col-lg-8"> <hr class="hr-2"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0">Podcasts</h3> <a class="btn btn-outline-primary text-nowrap" href="/podcasts/">More Podcasts <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </div> <div class="row gx-md-5"> <div class="col-sm-6 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/podcasts/listen-trump-trade-wars-and-tense-politics-how-2025-could-unfold/" class="card card_entry card_thumb_large bg-white "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2"> <div class="card-text text-grey"> <img class="icon-podcast d-block w-50 my-2" src="/uploads/general/icon-podcast.svg" alt="Icon Podcast"> <span class="entry_category-wrapper lh-lg"></span> </div> </div> <div class="col-12 order-first mt-3 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_THINK-aloud-podcast_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Listen: Trump, Trade Wars, and Tense Politics - How 2025 could unfold" loading="lazy"> </div> </div> <div class="col col-lg-12"> <h4 class="card-title d-inline-block mb-2">Listen: Trump, Trade Wars, and Tense Politics - How 2025 could unfold</h4> </div> <div class="col-12 pb-2"> <p class="card-text fs-large">In this podcast, ING's James Knightley, Carsten Brzeski, and James Smith discuss the themes that will shape the economy, inflation and interest rates…</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1733905354"></span> </div> </a> </div> <div class="col-sm-6 mb-3 mb-md-4 d-md-flex align-items-stretch"> <a href="/podcasts/listen-make-aluminium-green-again/" class="card card_entry card_thumb_large bg-white "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="col-12 pt-2"> <div class="card-text text-grey"> <img class="icon-podcast d-block w-50 my-2" src="/uploads/general/icon-podcast.svg" alt="Icon Podcast"> <span class="entry_category-wrapper lh-lg"><span class="entry_category">Commodities, Food & Agri</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-12 order-first mt-3 me-2 mb-2 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_THINK-aloud-podcast_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Listen: Make Aluminium Green Again" loading="lazy"> </div> </div> <div class="col col-lg-12"> <h4 class="card-title d-inline-block mb-2">Listen: Make Aluminium Green Again</h4> </div> <div class="col-12 pb-2"> <p class="card-text fs-large">In this podcast, ING's Ewa Manthey, Egor Fedorov, and Coco Zhang discuss the ongoing efforts to make the aluminium industry more sustainable</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1732270337"></span> </div> </a> </div> </div>  </div> <div class="col-lg-4"> <hr class="hr-2"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0">Twitter</h3> <a class="btn btn-outline-primary text-nowrap" href="https://twitter.com/ING_Economics" target="_blank">Follow <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a> </div> <a class="twitter-timeline" data-lang="en" data-height="504" data-link-color="#ff6200" data-tweet-limit="10" data-chrome="nofooter noheader noborders transparent" href="https://twitter.com/ING_Economics?ref_src=twsrc%5Etfw">Tweets by ING_Economics</a> </div> </div>  </div> </main> <footer class="container-fluid bg-light py-3 py-lg-5"> <div class="container"> <div class="row mb-lg-4"> <div class="col-6 col-lg-6 col-xl-4"> <div class="row"> <div class="col-lg-12"> <p class="small-header d-none d-lg-block">Our economic and financial analysis</p> </div> <div class="col-lg-6"> <ul class="list-unstyled lh-lg mb-0"> <li><a href="/articles/">Articles</a></li> <li><a href="/reports/">Reports</a></li> <li><a href="/opinions/">Opinions</a></li> <li><a href="/podcasts/">Podcasts</a></li> </ul> </div> <div class="col-lg-6"> <ul class="list-unstyled lh-lg"> <li><a href="/bundles/">Bundles</a></li> <li><a href="/topics/">Topics</a></li> <li><a href="/about/meet-the-team/">Authors</a></li> <li><a href="/about/about-us/">About us</a></li> </ul> </div> </div> </div> <div class="col-6 col-lg-3 col-lg-3 col-xl-2"> <p class="small-header mt-1 mt-lg-0">Follow us</p> <ul class="list-unstyled lh-lg social-media-icons"> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://twitter.com/ING_Economics?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z"/></svg> Twitter</a></li> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://open.spotify.com/show/7BM9azKb2bhkuICTkmSVkS" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 496 512"><path d="M248 8C111.1 8 0 119.1 0 256s111.1 248 248 248 248-111.1 248-248S384.9 8 248 8zm100.7 364.9c-4.2 0-6.8-1.3-10.7-3.6-62.4-37.6-135-39.2-206.7-24.5-3.9 1-9 2.6-11.9 2.6-9.7 0-15.8-7.7-15.8-15.8 0-10.3 6.1-15.2 13.6-16.8 81.9-18.1 165.6-16.5 237 26.2 6.1 3.9 9.7 7.4 9.7 16.5s-7.1 15.4-15.2 15.4zm26.9-65.6c-5.2 0-8.7-2.3-12.3-4.2-62.5-37-155.7-51.9-238.6-29.4-4.8 1.3-7.4 2.6-11.9 2.6-10.7 0-19.4-8.7-19.4-19.4s5.2-17.8 15.5-20.7c27.8-7.8 56.2-13.6 97.8-13.6 64.9 0 127.6 16.1 177 45.5 8.1 4.8 11.3 11 11.3 19.7-.1 10.8-8.5 19.5-19.4 19.5zm31-76.2c-5.2 0-8.4-1.3-12.9-3.9-71.2-42.5-198.5-52.7-280.9-29.7-3.6 1-8.1 2.6-12.9 2.6-13.2 0-23.3-10.3-23.3-23.6 0-13.6 8.4-21.3 17.4-23.9 35.2-10.3 74.6-15.2 117.5-15.2 73 0 149.5 15.2 205.4 47.8 7.8 4.5 12.9 10.7 12.9 22.6 0 13.6-11 23.3-23.2 23.3z"/></svg> Spotify</a></li> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://www.linkedin.com/showcase/ingwb/" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 448 512"><path d="M100.28 448H7.4V148.9h92.88zM53.79 108.1C24.09 108.1 0 83.5 0 53.8a53.79 53.79 0 0 1 107.58 0c0 29.7-24.1 54.3-53.79 54.3zM447.9 448h-92.68V302.4c0-34.7-.7-79.2-48.29-79.2-48.29 0-55.69 37.7-55.69 76.7V448h-92.78V148.9h89.08v40.8h1.3c12.4-23.5 42.69-48.3 87.88-48.3 94 0 111.28 61.9 111.28 142.3V448z"/></svg> LinkedIn</a></li> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://www.youtube.com/channel/UCpw_YoZWMaKkNQv0T_Kr67A/" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 576 512"><path d="M549.655 124.083c-6.281-23.65-24.787-42.276-48.284-48.597C458.781 64 288 64 288 64S117.22 64 74.629 75.486c-23.497 6.322-42.003 24.947-48.284 48.597-11.412 42.867-11.412 132.305-11.412 132.305s0 89.438 11.412 132.305c6.281 23.65 24.787 41.5 48.284 47.821C117.22 448 288 448 288 448s170.78 0 213.371-11.486c23.497-6.321 42.003-24.171 48.284-47.821 11.412-42.867 11.412-132.305 11.412-132.305s0-89.438-11.412-132.305zm-317.51 213.508V175.185l142.739 81.205-142.739 81.201z"/></svg> YouTube</a></li> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://think.ing.com/rss/" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 448 512"><path d="M0 64C0 46.3 14.3 32 32 32c229.8 0 416 186.2 416 416c0 17.7-14.3 32-32 32s-32-14.3-32-32C384 253.6 226.4 96 32 96C14.3 96 0 81.7 0 64zM0 416a64 64 0 1 1 128 0A64 64 0 1 1 0 416zM32 160c159.1 0 288 128.9 288 288c0 17.7-14.3 32-32 32s-32-14.3-32-32c0-123.7-100.3-224-224-224c-17.7 0-32-14.3-32-32s14.3-32 32-32z"/></svg> RSS</a></li> </ul> </div> <div class="col-12 col-lg-3 col-xl-3"> <hr class="d-lg-none"> <p class="small-header d-none d-lg-block">Stay up-to-date</p> <p>Stay up to date with all of ING’s latest economic and financial analysis.</p> <a href="https://think.ing.com/sign-up/" class="btn btn-orange">Sign up to ING THINK</a> <hr class="d-lg-none"> </div> <div class="col-12 col-lg-3 col-xl-3"> <p class="small-header d-none d-lg-block">ING Global Markets Research</p> <p>If you are acting in a professional capacity and look for investment research, visit <a href="https://research.ing.com/" class="text-nowrap d-inline-flex align-items-center" target="_blank">research.ing.com <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a></p> </div> <div class="col-12 col-lg-12 order-2"> <hr> <div class="row lh-xl"> <div class="col"> <ul class="list-unstyled lh-lg d-md-flex flex-1"> <li class="me-5"><a class="text-nowrap" href="/about/disclaimer/">Disclaimer</a></li> <li class="me-5"><a class="text-nowrap" href="/about/terms-of-use/">Terms of use</a></li> <li class="me-5"><a class="text-nowrap" href="/about/security/">Security</a></li> <li class="me-5"><a class="text-nowrap" href="/about/cookie-statements/">Cookie statement</a></li> <li class="me-5"><a class="text-nowrap d-inline-flex align-items-center" href="/about/privacy-statement/" target="_blank">Privacy statement <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a></li> </ul> </div> <div class="col-xl-3 text-muted">® 2024 ING Bank N.V.<div class="vr mx-1 mx-lg-2"></div>All rights reserved</div> </div> </div> </div>  </div>  </footer> <script src="https://cdn.jsdelivr.net/npm/bootstrap@5.3.2/dist/js/bootstrap.bundle.min.js" integrity="sha384-C6RzsynM9kWDrMNeT87bh95OGNyZPhcTNXj1NW7RuBCsyN/o0jlpcV8Qyq46cDfL" crossorigin="anonymous"></script> <script src="https://cdn.jsdelivr.net/npm/bs5-lightbox@1.8.2/dist/index.bundle.min.js"></script> <script src="https://cdn.jsdelivr.net/npm/dayjs@1/dayjs.min.js"></script> <script src="/js/think_main.js?v=1734121782"></script> <script src="/js/ajax_loadmore_cards.js"></script> <script src="/js/ajax_load_related.js"></script> <script src="https://cdn.jsdelivr.net/npm/swiper@11/swiper-bundle.min.js"></script> <script src="/js/think_initalize_swiper.js"></script> </body> </html>

CINXE.COM

ING THINK economic and financial analysis | ING Think