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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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Israel Pounds Lebanon with Heaviest Airstrikes of the War as Hezbollah Pauses Attacks

Rescuers work at the site of an Israeli strike in Beirut, Lebanon, April 8, 2026. Photo: REUTERS/Mohamed Azakir

Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under a two-week US-Iran ceasefire.

Consecutive explosions shook Beirut, sending smoke billowing across the capital, as Israel’s military said it had launched the largest coordinated strike of the war. More than 100 Hezbollah command centers and military sites were targeted in Beirut, the Bekaa Valley and southern Lebanon, it said.

The strikes killed dozens and wounded hundreds, according to Lebanon’s health ministry. In Beirut, Reuters reporters saw people on motorcycles picking up wounded and transporting them to hospitals because there were not enough ambulances to get them in time. A group of firefighters worked to put out flames in a car park after one strike left more than a dozen cars scorched and mangled.

The head of Lebanon’s syndicate of doctors, Elias Chlela, called in a written statement for “all physicians from all specialties” to head to any hospital they could to offer help. One of Beirut’s biggest hospitals said it was in need of donations of all blood types.

Israeli Prime Minister Benjamin Netanyahu said overnight that the ceasefire suspending the six-week-old US-Israeli war against Iran did not apply to Lebanon, and the Israeli military said operations against Hezbollah there would continue.

That position contradicted comments by Pakistani Prime Minister Shehbaz Sharif, a key intermediary in the US-Iran ceasefire talks, who had said the truce would include Lebanon.

Lebanon’s state news agency NNA had reported continued Israeli strikes across southern Lebanon earlier in the day, including artillery shelling and a dawn airstrike on a building near a hospital that killed four people. An Israeli strike on the southern city of Sidon killed eight people and wounded 22 others, Lebanon’s health ministry said.

Hezbollah stopped attacking Israeli targets early on Wednesday, three Lebanese sources close to the group told Reuters. The group’s last public statement on its military activity was posted at 1 a.m. (2200 GMT Tuesday), saying it had targeted Israeli troops inside Lebanon on Tuesday evening.

The group is likely to issue a statement outlining its formal position on the ceasefire and on Netanyahu’s assertion that Lebanon is not included, the three Lebanese sources said.

French President Emmanuel Macron said the situation in Lebanon, a former French protectorate, remained critical and called for Lebanon to be included in the deal. Lebanese President Joseph Aoun, welcoming the US-Iran ceasefire, said Beirut would continue its efforts to ensure that Lebanon was included in any lasting regional peace agreement.

“Hezbollah was informed that it is part of the ceasefire – so we abided by it, but Israel as usual has violated it and committed massacres all across Lebanon,” senior Hezbollah lawmaker Ibrahim al-Moussawi told Reuters.

‘LEBANON CAN’T TAKE IT ANYMORE’

Most of Wednesday’s strikes were in civilian-populated areas, Israel’s military said. Hours before the strike, the military had issued warnings for some areas of southern Beirut and southern Lebanon. No such warning was given for central Beirut, which was also hit.

Following the strikes, Israeli military spokesperson Avichay Adraee claimed on X that Hezbollah had moved out of its traditional Shi’ite stronghold in southern Beirut’s Dahiyeh neighbourhood to religiously mixed areas of the city, including in the north.

Addressing Hezbollah, he said, Israel’s military will “pursue you and act with great force against you wherever you are”.

More than 1,500 people have been killed in Israel’s air and ground campaign across Lebanon, including more than 130 children and more than 100 women, since March 2 when Hezbollah started firing rockets at Israel in solidarity with Tehran.

Israel ​has issued evacuation orders covering around 15 percent of Lebanese ​territory since then, mostly in the south and in suburbs south of Beirut. More than 1.2 million people have been displaced, according to Lebanese authorities.

Israel has also pledged to occupy southern Lebanon up to the Litani River as part ​of a “security zone” it says is intended to protect its northern residents.

“Hopefully a ceasefire will be reached,” said Ahmed Harm, a 54-year-old man displaced from Beirut’s southern suburbs. “Lebanon can’t take it anymore. The country is collapsing economically, and everything is collapsing.”

Outside a school sheltering displaced people in Sidon, pillows and blankets were piled onto cars as some families held out hope of returning home soon. On an astroturf football field, one family had packed plastic bags with clothes, pots and pans, towels, sheets and blankets.

“We’re just waiting for the official decision from the top, so we can go back,” said Samar al-Saibany, who was displaced from a village in the south.

Local mayor Mustafa al-Zein said more than 28,000 people were sheltering in the area as of Tuesday night. He cautioned residents against trying to return before an official signal.

“In the south, give someone a signal to return, and he’ll return,” Zein said.

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‘A Lot of Work to Do’ to Reopen Strait of Hormuz, UK’s Starmer Says on Gulf Trip

British Prime Minister Keir Starmer and US President Donald Trump (not pictured) hold a bilateral meeting at Trump Turnberry golf course in Turnberry, Scotland, Britain, July 28, 2025. Photo: REUTERS/Evelyn Hockstein

British Prime Minister Keir Starmer said on Wednesday there was still a lot of work to do to reopen the Strait of Hormuz following the US-Iran ceasefire, speaking during a visit to the Gulf.

Starmer will hold talks with regional leaders during the visit, which had been planned before the ceasefire was announced.

“We now … have a ceasefire, but there’s a lot of work to do, as you will appreciate, a lot of work to make sure that that ceasefire becomes permanent and brings about the peace that we all want to see,” he said in a speech to military personnel at a base in Saudi Arabia.

“But also a lot of work to do in relation to the Strait of Hormuz, which has an impact everywhere across the world.”

Starmer, who has been heavily criticized by US President Donald Trump for failing to support the US and Israeli strikes on Iran, has hosted multinational meetings on how allies could support the reopening of the key strait that is fundamental to oil and gas trade.

“It’s our job to make sure that the Strait is open, that we’re able to get the energy that the world needs out and stabilize the prices back in the United Kingdom,” Starmer told reporters.

British Foreign Secretary Yvette Cooper also spoke to her US counterpart, Marco Rubio, on Tuesday, about diplomatic measures to secure the reopening of the Strait, including last week’s UK-led meeting that brought together over 40 countries to discuss the issue.

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Netanyahu Backs US–Iran Ceasefire, Says Deal Excludes Lebanon

Israeli Prime Minister Benjamin Netanyahu participates in the state memorial ceremony for the fallen of the Iron Swords War on Mount Herzl, Jerusalem on Oct. 16, 2025. Photo: Alex Kolomoisky/POOL/Pool via REUTERS

i24 NewsThe office of Prime Minister Benjamin Netanyahu released a statement in the hours following the ceasefire agreement, announcing Israel’s support for the US-brokered two-week truce with Iran while clarifying that it does not extend to Lebanon.

In the statement, Netanyahu’s office said Israel backs the decision by US President Trump to suspend strikes against Iran for two weeks, on the condition that Tehran immediately reopens the Strait of Hormuz and halts all attacks against the United States, Israel, and countries in the region.

The statement added that Israel supports Washington’s broader objective of ensuring Iran no longer poses a nuclear, missile, or terrorism-related threat to regional and global security. According to the Prime Minister’s Office, the United States has reassured Israel that these goals will remain central in the upcoming negotiations.

“The United States has told Israel that it is committed to achieving these goals,” the statement said, noting that these priorities are shared by the US, Israel, and their regional allies.

It also stressed that the ceasefire does not apply to Lebanon, stating explicitly that “the two-week ceasefire does not include Lebanon.”

In the hours following the announcement, Iran launched additional missile strikes targeting Israel and several Gulf states before tensions appeared to ease toward morning.

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