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Canada’s economic growth projected to be about 1% in the first half of 2024
Canada is a country with a thriving Jewish community and has traditionally offered the security of a strong economy for residents. The national economic outlook is naturally something that everyone in Canada’s Jewish community keeps track of – especially those involved in business in the various provinces.
With this in mind, the July 2023 Monetary Policy Report from the Bank of Canada made for interesting reading, projecting a moderate economic growth figure of around 1% for the first half of 2024. This is in line with growth figures that had been forecast for the second half of 2023, and sees the country’s economy remain on a stable footing.
Steady projected growth for first half of 2024
Although projected economic growth of around 1% in early 2024 is not as impressive as figures of around 3.4% in 2022 and 1.8% in 2023, it is certainly no cause for alarm. But what might be behind it?
Higher interest rates are one major factor to consider and have had a negative impact on household spending nationally. This has effectively seen people with less spending power and businesses in Canada generating less revenue as a result.
Interest rate rises have also hit business investments nationally, and less money is being channelled into this area to fuel Canada’s economic growth. When you also factor in how the weak foreign demand for Canadian goods and services has hit export growth lately, the projected GDP growth figure for early 2024 is understandable.
Growth in second half of 2024 expected
Although the above may make for interesting reading for early 2024, the Bank of Canada’s report does show that economic growth is expected to pick up in the second half of the year. This is projected to be due to the decreasing effect of high interest rates on the Canadian economy and a stronger foreign demand for the country’s exports.
Moving forward from this period, it is predicted that inflation will remain at around 3% as we head into 2025, and hit the Bank of Canada’s inflation target of 2% come the middle of 2025. All of this should help the country’s financial status remain stable and prove encouraging for business leaders in the Jewish community.
Canada’s economic growth mirrors iGaming’s rise
When you take a look at the previous growth figures Canada has seen and also consider the growth predicted for 2024 (especially in the second half of the year), it is clear that the country has a vibrant, thriving economy.
This economic growth is something that can be compared with iGaming’s recent rise as an industry around the country. In the same way as Canada has steadily built a strong economy over time, iGaming has transformed itself into a powerful, flourishing sector.
This becomes even clearer when you consider that Canadian iGaming has been a major contributor to the sustained growth seen in the country’s arts, entertainment and recreation industry, which rose by around 1.9% in Q2 of 2023. The healthy state of online casino play in Canada is also evidenced by how many customers the most popular casino platforms attract and how the user experience these operators offer has enabled iGaming in the country to take off.
This, of course, is also something that translates to the world stage, where global iGaming revenues in 2023 hit an estimated $95 billion. iGaming’s global market volume is also pegged to rise to around $130 billion by 2027. These kinds of figures represent a sharp jump for iGaming worldwide and show how the sector is on the ascent.
Future economic outlook for Canada in line with global expectations
When considering the Canadian economic outlook for 2024, it is often useful to look at how this compares with global financial predictions. In addition to the rude health of iGaming in Canada being reflected in global online casino gaming, the positive economic outlook for the country is also broadly in line with expectations for many global economies.
Global growth is also predicted to rise steadily in the second half of 2024 before becoming stronger in 2025. This should be driven by the weakening effects of high interest rates on worldwide economic prosperity. With rate cuts in Canada already expected after Feb 2024’s inflation report, this could happen in the near future.
The performance of the US economy is always of interest in Canada, as this is the country’s biggest trading partner. Positive US Q2 performances in 2023, powered by a strong labor market, good consumer spending levels and robust business investments, were therefore a cause for optimism. As a US economy that continues to grow is something that Canadian businesses welcome, this can only be a healthy sign.
Canada set for further growth in 2024
Local news around Canada can cover many topics but the economy is arguably one of the most popular. A projected GDP growth figure of around 1% for Canada’s economy shows that the financial state of the country is heading in the right direction. An improved financial outlook heading into the latter half of 2024/2025 would make for even better reading, and the national economy should become even stronger.
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‘For As Long As Necessary’: Katz Says Campaign Against Iran Entering Decisive Stage
Israel’s Defense Minister Israel Katz and his Greek counterpart Nikos Dendias make statements to the press, at the Ministry of Defense in Athens Greece, Jan. 20, 2026. Photo: REUTERS/Louisa Gouliamaki
i24 News – Israel Katz said Saturday that the confrontation with Iran had entered a “decisive phase,” as US and Israeli strikes on Iranian targets continued and regional tensions escalated.
Speaking after a security assessment at Israel’s defense headquarters alongside Eyal Zamir, chief of staff of the Israel Defense Forces, and senior military and intelligence officials, the Israeli defense minister said the campaign against the Islamic Republic would continue “for as long as necessary.”
“The global and regional struggle against Iran, led by American President Donald Trump and Israeli Prime Minister Benjamin Netanyahu, is intensifying and entering its decisive phase,” Katz said.
Katz also praised US strikes on Kharg Island, a key Iranian oil hub, describing them as a “severe blow” to the Iranian regime. He said the attacks were an appropriate response to Iranian threats against the strategic Strait of Hormuz and to what he called Tehran’s attempts to pressure the international community.
At the same time, Katz said the Israeli Air Force was continuing a “powerful wave of attacks” against targets in Tehran and other parts of Iran.
He accused the Iranian leadership of using “regional and global terrorism” and strategic blackmail in an effort to deter Israel and the United States from pursuing their military campaign, warning that such actions would be met with a “strong and uncompromising response.”
Katz added that the outcome of the conflict would ultimately depend on the Iranian population. “Only the Iranian people can put an end to this situation through a determined struggle, until the overthrow of the terrorist regime and the salvation of Iran,” he said.
According to the minister, the confrontation now pits the Iranian regime’s determination to survive against growing military pressure from Israel and its allies.
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Trump Rejects Efforts to Launch Iran Ceasefire Talks, Sources Say
US President Donald Trump speaks on the day he honors reigning Major League Soccer (MLS) champion Inter Miami CF players and team officials with an event in the East Room of the White House in Washington, DC, US, March 5, 2026. Photo: REUTERS/Jonathan Ernst
President Donald Trump’s administration has rebuffed efforts by Middle Eastern allies to start diplomatic negotiations aimed at ending the Iran war that started two weeks ago with a massive US-Israeli air assault, according to three sources familiar with the efforts.
Iran, for its part, has rejected the possibility of any ceasefire until US and Israeli strikes end, two senior Iranian sources told Reuters, adding that several countries had been trying to mediate an end to the conflict.
The lack of interest from Washington and Tehran suggests both sides are digging in for an extended conflict, even as the widening war inflicts civilian casualties and Iran’s closure of the Strait of Hormuz sends oil prices soaring.
US strikes on Iran’s Kharg Island, the country’s main oil export hub, on Friday night underscored Trump’s determination to press ahead with his military assault. Iran’s new Supreme Leader Mojtaba Khamenei has vowed to keep the Strait of Hormuz shut and threatened to step up attacks on neighboring countries.
The war has killed more than 2,000 people, mostly in Iran, and created the biggest-ever oil supply disruption as maritime traffic has halted in the Strait of Hormuz, through which a fifth of the world’s oil is transported.
ATTEMPTS TO OPEN LINES OF COMMUNICATION
Oman, which mediated talks before the war, has tried multiple times to open a line of communication, but the White House has made clear it is not interested, according to two sources, who like others in this story were granted anonymity in order to speak freely about diplomatic matters.
A senior White House official confirmed Trump has rebuffed those efforts to start talks and is focused on pressing ahead with the war to further weaken Tehran’s military capabilities.
“He’s not interested in that right now, and we’re going to continue with the mission unabated. Maybe there’s a day, but not right now,” the official said.
During the first week of the war, Trump wrote on his Truth Social platform that Iran’s leadership and military were so battered by US-Israeli strikes that they wanted to talk, but that it was “Too Late!” He has a history of shifting foreign policy stances without warning, making it hard to rule out that he might test the waters for restarting diplomacy.
“President Trump said new potential leadership in Iran has indicated they want to talk and eventually will talk. For now, Operation Epic Fury continues unabated,” a second senior White House official said when asked to comment on this story.
The Iranian sources said Tehran has rejected efforts by several countries to negotiate a ceasefire until the US and Israel end their airstrikes and meet Iran’s demands, which include a permanent end to US and Israeli attacks and compensation as part of a ceasefire.
Egypt, which was involved in mediation before the war, has also tried to reopen communications, according to three security and diplomatic sources. While the efforts do not appear to have made progress, they have secured some military restraint from neighboring countries hit by Iran, according to one of the sources.
Egypt’s foreign ministry, the government of Oman and the Iranian government did not respond to requests for comment.
POSITIONS HARDEN ON ALL SIDES
The war’s impact on global oil markets has significantly increased the cost for the United States.
Some US officials and advisers to Trump urge a quick end to the war, warning that surging gasoline prices could exact a high political price from the president’s Republican Party, with US midterm elections looming.
Others are pressing Trump to maintain the offensive against the Islamic Republic to destroy its missile program and prevent it from obtaining a nuclear weapon, according to Reuters reporting.
Trump’s rejection of diplomatic efforts could indicate that, for now, the administration has no plans for a quick end to the war.
Indeed, both the United States and Iran appear even less willing to engage than during the opening days of the war, when senior US officials reached out to Oman to discuss de-escalating, according to several sources.
One source said Iran’s top security official, Ali Larijani, and Foreign Minister Abbas Araghchi had also sought to use Oman as a conduit for ceasefire discussions that would have involved U.S. Vice President JD Vance.
But those discussions have not materialized.
Instead, Iran’s position has hardened, said a third senior Iranian source.
“Whatever was communicated previously through the diplomatic channels is irrelevant now,” said the source.
“The Guards strongly believe that if they lose control over the Strait of Hormuz, Iran will lose the war,” the source added, referring to the Islamic Revolutionary Guard Corps, an elite paramilitary force that controls large parts of the economy.
“Therefore, the Guards will not accept any ceasefire, ceasefire talks, or diplomatic efforts, and Iran’s political leaders will not engage in such talks despite attempts by several countries.”
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US Strikes More Than 90 Iranian Military Targets on Kharg Island, CENTCOM Says
A satellite image shows an oil terminal at Kharg Island, Iran, February 25, 2026. Photo: 2026 Planet Labs PBC/Handout via REUTERS
United States forces executed a large-scale precision strike on Kharg Island in Iran on Friday night, the US Central Command said on Saturday.
“US forces successfully struck more than 90 Iranian military targets on Kharg Island, while preserving the oil infrastructure,” CENTCOM said.
The strike destroyed naval mine storage facilities, missile storage bunkers, and multiple other military sites, the US military said in a post on X.
President Donald Trump threatened on Friday to strike the oil infrastructure of Iran’s Kharg Island hub, unless Tehran stopped attacking vessels in the Strait of Hormuz.