No sooner had the global economy started to put the aftermath of the COVID-19 pandemic behind it than a whole new set of challenges opened up for 2025. In 2024, the world's central banks were finally able to start lowering interest rates after largely winning the battle against inflation without sparking a global recession. Stocks hit record highs in the United States and Europe and Forbes declared a "banner year for the mega-wealthy" as 141 new billionaires joined its list of the super-rich.
Cocoa has outpaced the rise in the U.S. stock market and bitcoin, with prices for chocolate’s main ingredient having nearly tripled in 2024. The rally shows little signs of ending, with cocoa‘s 2023 to 2024 marketing year having ended with the biggest global supply deficit in 60 years, according to ING.
"When flying in such thin air, it doesn’t take much to stall the engines. All the classic signs of extreme prices, valuations and sentiment suggest the end is near."