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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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Ukraine reburies Nazi collaborator with state honors, drawing Israeli condemnation
(JTA) — Israel criticized Ukraine Monday after President Volodymyr Zelensky gave full state honors to a Ukrainian nationalist leader who was part of a movement that collaborated with the Nazis during World War II.
During a reburial ceremony on Sunday, Zelensky described Andriy Melnyk and his wife, Sofia Fedak-Melnyk, as “iconic Ukrainians of the 20th century who are deeply respected,” according to The New York Times.
Melnyk led one of the factions of the Organization of Ukrainian Nationalists during its collaboration with Nazi Germany during World War II. Though the Ukrainian organization shared a mutual opposition to Soviet rule with the Nazis, it also promoted antisemitic rhetoric and some of its members participated in the persecution of Jews during the Holocaust. Melnyk initially sought cooperation with Nazi Germany but was later detained by the Nazis as relations with Ukrainian nationalist groups deteriorated.
The ceremony marked the latest flashpoint in a longstanding dispute over Ukraine’s commemoration of World War II-era nationalist figures linked to Nazi collaboration. In 2018, the country designated the birthday of Nazi collaborator Stepan Bandera as a holiday, and in 2017, a statue was unveiled honoring a nationalist leader whose regime killed tens of thousands of Jews in pogroms during the Russian Revolution.
The remains of Melnyk and his wife were exhumed from Luxembourg last week and then transported to Ukraine for reburial at Kyiv’s National Military Memorial, which opened last year for soldiers killed in Russia’s invasion of Ukraine.
“Glory to every Ukrainian hero! Glory to all our Ukrainian warriors! Glory to our people!,” Zelensky, who is Jewish, wrote in a post on X marking the ceremony, adding that he was “grateful to everyone who has worked to make such returns of great Ukrainian figures possible and to give the Ukrainian People their own pantheon of heroes.”
The reburial was quickly decried by Yad Vashem, Israel’s Holocaust memorial, which wrote in a post on X that it was “deeply troubled by such national commemorations, which come at the expense of historical truth and the memory of Holocaust victims.”
“Honoring the leader of a movement that supported and collaborated with Nazi Germany during the persecution and murder of millions of Jews undermines the moral integrity essential to Holocaust remembrance,” the post read.
Israel’s Foreign Ministry wrote on X that there is “no place for ignoring historical truth and the memory of the victims murdered by the Nazis and their collaborators.”
The post Ukraine reburies Nazi collaborator with state honors, drawing Israeli condemnation appeared first on The Forward.
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Trump administration again sues UCLA over antisemitism, alleging ‘hostile educational environment’
(JTA) — The U.S. Department of Justice sued the University of California for the second time this year over allegations of an antisemitic campus environment at UCLA, claiming the school “was deliberately indifferent to the suffering of its Jewish and Israeli students” after Oct. 7.
The federal lawsuit, filed Tuesday, claims UCLA violated the students’ civil rights by failing to intervene during pro-Palestinian encampment activity in early 2024. It follows an earlier suit that focused on the university’s treatment of its Jewish and Israeli employees, and comes 10 days after the university unveiled its own “Initiative to Combat Antisemitism.”
“Earlier this year, we sued UCLA for subjecting its Jewish and Israeli employees to an antisemitic hostile work environment,” assistant U.S. attorney general Harmeet Dhillon said in a press release. “Now, the Department of Justice calls UCLA to account for its toleration of the equally appalling hostile educational environment against its Jewish and Israeli students.”
Requests for comment to the Justice Department and UCLA were not immediately returned.
The new suit draws on widely reported accounts of UCLA’s campus environment in spring 2024, when protesters in pro-Palestinian encampments clashed with pro-Israel counter-protesters, sparking violence and turmoil. The failure to protect Jewish students violated their Title VI civil rights, attorneys said.
Citing the report of UCLA’s own task force on antisemitism, published in response to the 2024 campus upheaval, the suit states, “UCLA’s leadership apparently preferred a do-nothing ‘de-escalation strategy’ to protecting their Jewish and Israeli students from an angry mob organized by peers armed with tasers, lumber, and a sword.”
The Justice Department is seeking several redress measures, including the return of all federal grants made to UCLA “during the time of UCLA’s noncompliance with Title VI.” The school had previously resolved several Title VI antisemitism cases under the Biden administration, and also reached a $6.13 million settlement with Jewish groups in a private suit related to the spring 2024 incidents on campus — a case cited in DOJ’s new lawsuit.
The Trump administration has sought to make a particular example of UCLA in its aggressive approach to campus antisemitism. Officials had sought to levy fines in excess of $1 billion against the public university for its alleged failure to protect Jewish and Israeli students, until a federal judge intervened. Several DOJ lawyers have left the department over its UCLA investigation, telling reporters the case was “fraudulent,” a “sham” and driven by pressure to “find” evidence to support further legal action against UCLA.
In addition, some of the most violent clashes on the campuses included perpetrators on both sides of the conflict, leading some members of the UCLA Jewish community to complain that pro-Israel counter-protesters ultimately undercut the Jewish students’ legitimate grievances regarding the harassment they had been facing inside the campus gates.
And the campus environment for Jews remains tense. Last month, the UCLA student senate condemned a campus visit by a freed Israeli hostage, drawing blowback from a university regent.
The post Trump administration again sues UCLA over antisemitism, alleging ‘hostile educational environment’ appeared first on The Forward.
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Jewish leaders say Belgium’s prosecution of circumcision is antisemitic
(JTA) — Dozens of European Jewish leaders, joined by Israeli and American diplomats, decried Antwerp prosecutors who plan to charge two Jewish men with performing illegal circumcisions.
In an open letter on Tuesday to European and Belgian officials, 45 communal and religious Jewish leaders accused the Antwerp Public Prosecutor’s Office of “effectively criminalizing the act of circumcision” and infringing on religious freedom.
Earlier this month, Belgian prosecutors announced their recommendation to refer two mohels, or ritual circumcisers, to the criminal court following investigations into alleged illegal circumcisions.
In Belgium, the law requires all circumcisions to be performed by licensed medical professionals. The two men would be charged with intentional assault or battery against minors and the unlawful practice of medicine.
The European Jewish leaders responded that prosecuting mohels was “antisemitic in nature, reminiscent of efforts taken in Europe against Jewish practice prior to the Second World War.”
They said the potential prosecutions sent a message that “Jews are no longer welcome in Belgium” and “Belgian Jews are now second class citizens with limited rights.” Their appeal was led by the chairman of the European Jewish Association, Rabbi Menachem Margolin.
Israeli and U.S. officials have also accused Belgium of targeting Jews for practicing their faith.
Gideon Saar, Israel’s minister of foreign affairs, called the prosecutors’ decision a “scarlet letter on Belgian society.” He was joined by the U.S. ambassador to Belgium, Bill White, who said on X that Belgium “will be thought of now as anti Semitic by world.”
Belgium’s foreign minister fired back that it was “inappropriate to publicly criticize a country and tarnish its image simply because you disagree with judicial proceedings.”
“I recall that the proceedings in question were initiated by representatives of the Jewish community themselves,” said Maxime Prévot. “To portray those as a country’s desire to undermine the religious freedom of Jews is defamatory.”
The mohels were first investigated after complaints lodged by Moshe Aryeh Friedman, an Antwerp rabbi. He alleged in 2023 that six local mohels practiced metzitzah b’peh, in which the circumciser cleans the circumcision wound with oral suction. Over the past two decades, several infants in New York City were infected with herpes as a result of the practice.
The letter from European Jewish leaders did not address Friedman’s claims.
The post Jewish leaders say Belgium’s prosecution of circumcision is antisemitic appeared first on The Forward.
