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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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Cuba Defiant After Trump Says Island to Receive No More Venezuelan Oil or Money
A view shows part of Havana as U.S.-Cuba tensions rise after U.S. President Donald Trump vowed to stop Venezuelan oil and money from reaching Cuba and suggested the communist-run island to strike a deal with Washington, in Havana, Cuba, January 11, 2026. REUTERS/Norlys Perez
US President Donald Trump on Sunday said no more Venezuelan oil or money will go to Cuba and suggested the Communist-run island should strike a deal with Washington, ramping up pressure on the long-time US nemesis and provoking defiant words from the island’s leadership.
Venezuela is Cuba’s biggest oil supplier, but no cargoes have departed from Venezuelan ports to the Caribbean country since the capture of Venezuelan President Nicolas Maduro by US forces in early January amid a strict US oil blockade on the OPEC country, shipping data shows.
Meanwhile, Caracas and Washington are progressing on a $2 billion deal to supply up to 50 million barrels of Venezuelan oil to the US with proceeds to be deposited in US Treasury-supervised accounts, a major test of the emerging relationship between Trump and interim President Delcy Rodriguez.
“THERE WILL BE NO MORE OIL OR MONEY GOING TO CUBA – ZERO! I strongly suggest they make a deal, BEFORE IT IS TOO LATE,” Trump wrote on his Truth Social platform on Sunday.
“Cuba lived, for many years, on large amounts of OIL and MONEY from Venezuela,” Trump added.
Cuban President Miguel Diaz-Canel rejected Trump’s threat on social media, suggesting the US had no moral authority to force a deal on Cuba.
“Cuba is a free, independent, and sovereign nation. Nobody dictates what we do,” Diaz-Canel said on X. “Cuba does not attack; it has been attacked by the US for 66 years, and it does not threaten; it prepares, ready to defend the homeland to the last drop of blood.”
The US president did not elaborate on his suggested deal.
But Trump’s push on Cuba represents the latest escalation in his move to bring regional powers in line with the United States and underscores the seriousness of the administration’s ambition to dominate the Western Hemisphere.
Trump’s top officials, including Secretary of State Marco Rubio, have made no secret of their expectation that the recent US intervention in Venezuela could push Cuba over the edge.
US officials have hardened their rhetoric against Cuba in recent weeks, though the two countries have been at odds since former leader Fidel Castro’s 1959 revolution.
CUBA DEFENDS IMPORT RIGHTS
Cuban Foreign Minister Bruno Rodriguez said in another post on X on Sunday that Cuba had the right to import fuel from any suppliers willing to export it. He also denied that Cuba had received financial or other “material” compensation in return for security services provided to any country.
Thirty-two members of Cuba’s armed forces and intelligence services were killed during the US raid on Venezuela. Cuba said those killed were responsible for “security and defense” but did not provide details on the arrangement between the two long-time allies.
Cuba relies on imported crude and fuel mainly provided by Venezuela, and Mexico in smaller volumes, purchased on the open market to keep its power generators and vehicles running.
As its operational refining capacity dwindled in recent years, Venezuela’s supply of crude and fuel to Cuba has fallen. But the South American country is still the largest provider with some 26,500 barrels per day exported last year, according to ship tracking data and internal documents of state-run PDVSA, which covered roughly 50 percent of Cuba’s oil deficit.
Havana produce vendor Alberto Jimenez, 45, said Cuba would not back down in the face of Trump’s threat.
“That doesn’t scare me. Not at all. The Cuban people are prepared for anything,” Jimenez said.
It’s hard for many Cubans to imagine a situation much worse. The island’s government has been struggling to keep the lights on. A majority live without electricity for much of the day, and even the capital Havana has seen its economy crippled by hours-long rolling blackouts.
Shortages of food, fuel and medicine have put Cubans on edge and have prompted a record-breaking exodus, primarily to the United States, in the past five years.
MEXICO BECOMES KEY SUPPLIER
Mexico has emerged in recent weeks as a critical alternative oil supplier to the island, but the supply remains small, according to the shipping data.
Mexican President Claudia Sheinbaum last week said her country had not increased supply volumes, but given recent political events in Venezuela, Mexico had turned into an “important supplier” of crude to Cuba.
US intelligence has painted a grim picture of Cuba’s economic and political situation, but its assessments offer no clear support for Trump’s prediction that the island is “ready to fall,” Reuters reported on Saturday, citing three people familiar with the confidential assessments.
The CIA’s view is that key sectors of the Cuban economy, such as agriculture and tourism, are severely strained by frequent blackouts, trade sanctions and other problems. The potential loss of oil imports and other support from Venezuela could make governing more difficult for Diaz-Canel.
Havana resident and parking attendant Maria Elena Sabina, a 58-year-old born shortly after Castro took power, said it was time for Cuba’s leaders to make changes amid so much suffering.
“There’s no electricity here, no gas, not even liquefied gas. There’s nothing here,” Sabina said. “So yes, a change is needed, a change is needed, and quickly.”
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NATO Should Launch Operation to Boost Security in Arctic, Belgian Minister says
Belgian Defence Minister Theo Francken speaks to journalists as he arrives to an informal meeting of European Union defence ministers in Copenhagen, Denmark, August 29, 2025. Photo: REUTERS/Tom Little
NATO should launch an operation in the Arctic to address US security concerns, Belgium’s defense minister told Reuters on Sunday, urging transatlantic unity amid growing European unease about US President Donald Trump’s push to take control of Greenland.
“We have to collaborate, work together and show strength and unity,” Theo Francken said in a phone interview, adding that there is a need for “a NATO operation in the high north.”
Trump said on Friday that the US needs to own Greenland to prevent Russia or China from occupying it in the future.
European officials have been discussing ways to ease US concerns about security around Greenland, an autonomous territory of the Kingdom of Denmark.
Francken suggested NATO’s Baltic Sentry and Eastern Sentry operations, which combine forces from different countries with drones, sensors and other technology to monitor land and sea, as possible models for an “Arctic Sentry.”
He acknowledged Greenland‘s strategic importance but said “I think that we need to sort this out like friends and allies, like we always do.”
A NATO spokesperson said on Friday that alliance chief Mark Rutte spoke with US Secretary of State Marco Rubio about the importance of the Arctic for shared security and how NATO is working to enhance its capabilities in the high north.
Denmark and Greenland‘s leaders have said that the Arctic island could not be annexed and international security did not justify such a move.
The US already has a military presence on the island under a 1951 agreement.
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IDF Strikes Hezbollah Weapons Sites in Lebanon After Army Denied Its Existence
Israeli strikes targeting Hezbollah’s terror infrastructure. Photo: Via i23, Photo from social media used in accordance with Clause 27a of the Copyright Law.
i24 News – The Israel Defense Forces carried out airstrikes on a site in southern Lebanon that the Lebanese Army had previously declared free of Hezbollah activity, Israeli officials said on Sunday, citing fresh intelligence that contradicted Beirut’s assessment.
According to Israeli sources, the targeted location in the Kfar Hatta area contained significant Hezbollah weapons infrastructure, despite earlier inspections by the Lebanese Armed Forces (LAF) that concluded no military installations were present.
Lebanese officials had conveyed those findings to international monitoring mechanisms, and similar claims were reported in the Lebanese newspaper Al-Akhbar.
Israeli intelligence assessments, however, determined that Hezbollah continued to operate from the site.
During a second wave of strikes carried out Sunday, the IDF attacked and destroyed the location.
Video footage released afterward showed secondary explosions, which Israeli officials said were consistent with stored weapons or munitions at the site.
The IDF stated that the strike was conducted in response to what it described as Hezbollah’s ongoing violations of ceasefire understandings between Israel and Lebanon. Military officials said the targeted structure included underground facilities used for weapons storage.
According to the IDF, the same site had been struck roughly a week earlier after Israel alerted the Lebanese Army to what it described as active terrorist infrastructure in the area. While the LAF conducted an inspection following the warning, Israeli officials said the weapons facilities were not fully dismantled, prompting Sunday’s follow-up strike.
The IDF said it took measures ahead of the attack to reduce the risk to civilians, including issuing advance warnings to residents in the surrounding area.
“Hezbollah’s activity at these sites constitutes a clear violation of the understandings between Israel and Lebanon and poses a direct threat to the State of Israel,” the military said in a statement.
Israeli officials emphasized that operations against Hezbollah infrastructure would continue as long as such threats persist, underscoring that Israel retains the right to act independently based on its own intelligence assessments.
