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Dr Dirk Schumacher has been KfW Chief Economist and head of the company's economics department since April 2025.
“In light of the wide range of economic challenges, banks appear to be anticipating that businesses’ fundamentals will deteriorate and are therefore taking a cautious approach.
In the absence of an economic rebound, businesses have little interest in borrowing. The downturn in interest rates is having only a limited effect. At the same time, cyclical and structural challenges are making it more difficult for businesses to obtain credit at all. In order to reverse this trend, a positive economic development in 2026 is indispensable.”
Dr Dirk Schumacher
KfW-ifo Credit Constraint Indicator Q4 2025
25.02.2026 │ Real Estate Family Office Summit, Kronberg
KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,
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