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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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Condemnation and Applause in Latin America after US Seizes Venezuela’s Maduro
Venezuelans gather to celebrate, after US President Donald Trump said that the US attacked Venezuela and deposed its President Nicolas Maduro, in Santiago, Chile January 3, 2026. Photo: REUTERS/Pablo Sanhueza
Latin American leaders were divided between condemnation and jubilation in the wake of a surprise attack on Venezuela early on Saturday that US President Donald Trump said resulted in the capture of Venezuelan leader Nicolas Maduro.
While much of the region has long been wary of a return to US interventions throughout the 20th century that helped install authoritarian governments from Chile to Honduras, Maduro – who presided over his country’s social and economic collapse – was an increasingly unpopular and isolated leader.
Many Latin American countries have also experienced a shift in recent elections to more right-leaning governments, many of whose leaders view the US-backed military regimes of the last century as necessary bulwarks against socialism.
In a sign of the economic pain faced under Maduro, nearly 8 million Venezuelans have fled the country since 2018, with 85 percent of them migrating to neighbors in Latin America and the Caribbean, according to the UN’s International Organization for Migration.
Many countries in the region have experienced surges in organized crime in recent years and the specter of Venezuela’s Tren de Aragua gang has loomed large over voters’ minds, leading to a rise in politicians vowing to crack down on crime and immigration.
While few leaders will shed serious tears about Maduro’s ousting, governments in the region will react along political lines, said Steven Levitsky, a professor and director of Harvard’s David Rockefeller Center for Latin American Studies.
“I think you’ll see right-wing governments applaud because that’s what they do. You’ll see left-wing governments criticize because how could they not?” Levitsky said.
REACTIONS SPLIT ALONG IDEOLOGY
The strongest condemnation of the attack came in a string of posts on X from neighboring Colombia’s President Gustavo Petro, a leftist who has frequently clashed with Trump and has also been threatened by the US president.
“The Colombian government rejects the aggression against the sovereignty of Venezuela and Latin America,” Petro said in one message, while calling for an immediate meeting of the United Nations Security Council, of which Colombia is a member.
His Brazilian counterpart, Luiz Inacio Lula da Silva, echoed Petro’s comments.
“The bombings on Venezuela’s territory and the capture of its president cross an unacceptable line,” Lula said in a statement.
Chile’s outgoing President Gabriel Boric condemned the attack but President-elect Jose Antonio Kast, who rose to power by promising to crack down on migration and crime, said in a post on X that Maduro’s arrest was great news for the region.
“Now begins a greater task. The governments of Latin America must ensure that the entire apparatus of the regime abandons power and is held accountable,” said Kast, who will be sworn in on March 11.
In Mexico, President Claudia Sheinbaum also condemned the US intervention in Venezuela. Asked about comments Trump made on Saturday to Fox News, when he said the US has offered to “take out the cartels” in Mexico and that “we have to do something,” Sheinbaum replied that Mexico has a very good relationship with the US on security matters.
ARGENTINA, ECUADOR BACK ACTION
Argentina’s President Javier Milei, Trump’s closest ally in the region, has long criticized Maduro and posted videos and statements on X in favor of the attack.
In Ecuador, right-wing President Daniel Noboa said Venezuelans opposed to Maduro and his political godfather Hugo Chavez have an ally in Ecuador.
“All the criminal narco-Chavistas will have their moment,” Noboa said on X. “Their structure will finally collapse across the continent.”
Protests both in favor and against the strikes in Venezuela have been scheduled in Buenos Aires and other cities across the region.
The capture of Maduro by US forces “is one of the most momentous decisions in the history of US-Latin America relations,” said Brian Winter, editor-in-chief of Americas Quarterly and vice president of policy at Americas Society/Council of the Americas.
“The operation confirms return of Washington as policeman in its ‘sphere of influence,’ an idea that defined much of 19th and 20th centuries but had faded since (the) end of the Cold War,” Winter said in a post on LinkedIn.
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Democratic US Lawmakers Say They Were Misled on Venezuela, Demand a Plan
US Senate Majority Leader Chuck Schumer (D-NY) holds a press conference in the US Capitol in Washington, DC, April 23, 2024. Photo: Annabelle Gordon / CNP/Sipa USA via Reuters Connect
Democratic members of the US Congress said on Saturday that senior officials of President Donald Trump‘s administration had misled them during recent briefings about plans for Venezuela by insisting they were not planning regime change in Caracas.
The US attacked Venezuela and deposed its long-serving President Nicolas Maduro in an overnight operation, in Washington’s most direct intervention in Latin America since the 1989 invasion of Panama.
Senator Chuck Schumer of New York, the Democrats’ leader in the Senate, said he had been told in three classified briefings that the administration was not pursuing regime change or planning to take military action in Venezuela.
“They assured me that they were not pursuing those things,” Schumer said on a call with reporters. “Clearly they’re not being straight with the American people.”
Schumer said he had not been briefed by Saturday afternoon and called for the administration to fill in not just congressional and intelligence committee leaders, but also all lawmakers by early next week.
“They’ve kept everyone in the total dark,” he said.
Lawmakers said they wanted more guidance on Trump‘s plans for Venezuela, after he told reporters he would put the country under US control, for now.
“No serious plan has been presented for how such an extraordinary undertaking would work or what it will cost the American people. History offers no shortage of warnings about the costs – human, strategic, and moral – of assuming we can govern another nation by force,” said Senator Jack Reed of Rhode Island, the top Democrat on the Senate Armed Services Committee.
The Senate is due to vote next week on whether to block further military action against Venezuela without congressional approval.
In briefings in November and December by officials including Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, lawmakers said they were told repeatedly that there were no plans for a land invasion inside Venezuela and that the administration was not focused on regime change.
“Instead, the Administration consistently misled the American people and their elected representatives,” Senator Jeanne Shaheen of New Hampshire, the top Democrat on the Senate Foreign Relations Committee, said in a statement.
The Pentagon, State Department and White House did not immediately respond to a request for comment.
SOME LAWMAKERS SAY ADMINISTRATION LIED
Several lawmakers said they felt they had been lied to.
“The Administration lied to Congress and launched an illegal war for regime change and oil,” Democratic Representative Don Beyer of Virginia said on X. Beyer’s district includes the Pentagon, just across the river from Washington.
At a news conference on Saturday, Trump said Congress had not been kept fully informed because of concerns that word about his plans would get out. “Congress does have a tendency to leak,” Trump told reporters.
Members of Congress, including some of Trump‘s fellow Republicans as well as Democrats, had been clamoring for more information about his strategy toward the oil-rich South American nation since September, when he began a military build-up in the Caribbean and ordered strikes on boats he said were carrying drugs.
“When we had briefings on Venezuela, we asked, ‘Are you going to invade the country?’ We were told no. ‘Do you plan to put troops on the ground?’ We were told no. ‘Do you intend regime change in Venezuela?’ We were told no,” Democratic Representative Seth Moulton of Massachusetts said on CNN. “So in a sense, we have been briefed, we’ve just been completely lied to.”
Lawmakers said they were not briefed before the operation, although Rubio called some members of Congress after it took place. There were no briefings for lawmakers scheduled by Saturday afternoon. Republican congressional leaders said they hoped to arrange some after lawmakers return to Washington on January 5 following their year-end recess.
Most Republicans praised Trump‘s action and have declined to discuss what has been said in classified briefings.
“President Trump‘s decisive action to disrupt the unacceptable status quo and apprehend Maduro, through the execution of a valid Department of Justice warrant, is an important first step to bring him to justice for the drug crimes for which he has been indicted in the United States,” said Senate Republican Majority Leader John Thune of South Dakota.
Members of Congress have long accused presidents from both parties of seeking to sidestep the Constitution’s requirement that Congress, not the president, approve anything other than brief and limited military action needed to defend the United States.
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Israeli Leadership Hails Trump for ‘Brave, Brilliant’ Venezuela Operation
Photo of Maduro in U.S. custody shared by Trump. Photo: i24 illustration.
i24 News – Israel’s prime minister and foreign minister issued high praise to US President Donald Trump following the successful operation on Saturday to capture Venezuelan dictator Nicolas Maduro.
“Israel commends the United States’ operation, led by President Trump, which acted as the leader of the free world,” Gideon Sa’ar, the Jewish state’s top diplomat, wrote on social media. “At this historic moment, Israel stands alongside the freedom-loving Venezuelan people, who have suffered under Maduro’s illegal tyranny.”
“Israel welcomes the removal of the dictator who led a network of drugs and terror and hopes for the return of democracy to the country and for friendly relations between the states,” he further added.
The statement came hours after Maduro and his wife were seized in an overnight operation.
“This was one of the most stunning, effective and powerful displays of American military might and competence in American history,” Trump told reporters at his Mar-a-Lago resort.
Benjamin Netanyahu, meanwhile, hailed Trump’s “bold and historic leadership on behalf of freedom and justice.”
“I salute your decisive resolve and the brilliant action of your brave soldiers,” the premier added.
