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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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Qatari PM Meets Iran’s Larijani in Tehran, Discusses Easing Regional Tensions
Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani speaks after a meeting with the Lebanese president at the presidential palace in Baabda, Lebanon February 4, 2025. REUTERS/Emilie Madi
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani met with top Iranian security official Ali Larijani in Tehran and reviewed efforts to de-escalate tensions in the region, Qatar’s foreign ministry said on Saturday in a statement.
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Tesla Receives Approval to Test Autonomous Driving in Israel
March 12, 2025, Seattle, Washington, USA: A row of brand-new Tesla Cybertrucks stands in a Tesla Motors Logistics Drop Zone in Seattle, Washington, USA, on Wed., March 12, 2025. Photo: ZUMA Press Wire via Reuters Connect
i24 News – The Ministry of Transport announced on Sunday that it has granted Tesla official approval to conduct trials of its autonomous driving system on Israel’s roads. The move comes as part of an effort to examine how the car manufacturer’s advanced technology can be integrated into the local driving environment, with full support from the ministry.
The trials will focus on Tesla’s Fully Self-Driving (FSD) system, a supervised autonomous driving platform. Under the terms of the approval, a driver must remain present in the vehicle at all times to supervise the system, despite its autonomous capabilities. This ensures safety while allowing the technology to be tested in real-world conditions.
The Ministry of Transport described the approval as a significant step toward advancing vehicle regulation in Israel. Officials said the initiative aims to create a regulatory framework that will allow for the routine, supervised use of autonomous driving systems in the future, safely and efficiently.
Tesla will use the trials to assess how the FSD system interacts with Israel’s road infrastructure, traffic patterns, and local driving behaviors. Data collected during the experiment will help refine the system and inform potential regulatory updates to accommodate autonomous vehicles.
The ministry emphasized that the pilot program is limited in scope and strictly monitored. It noted that all necessary safety protocols are in place and that public safety remains the top priority throughout the testing period.
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Reopening of Gaza’s Rafah Crossing Expected Monday, Officials Say
An aid truck moves on a road after entering Gaza through the Kerem Shalom crossing, in Rafah in the southern Gaza Strip, February 1, 2026. Photo: REUTERS/Ramadan Abed
Gaza’s main border crossing in Rafah will reopen for Palestinians on Monday, Israel said, with preparations underway at the war-ravaged enclave’s main gateway that has been largely shut for almost two years.
Before the war, the Rafah border crossing with Egypt was the only direct exit point for most Gazans to reach the outside world as well as a key entry point for aid into the territory. It has been largely shut since May 2024 and under Israeli military control on the Gazan side.
COGAT, the Israeli military unit that oversees humanitarian coordination, said the crossing will reopen in both directions for Gaza residents on foot only and its operation will be coordinated with Egypt and the European Union.
“Today, a pilot is underway to test and assess the operation of the crossing. The movement of residents in both directions, entry and exit to and from Gaza, is expected to begin tomorrow,” COGAT said in a statement.
A Palestinian official and a European source close to the EU mission confirmed the details. The Egyptian foreign ministry did not immediately respond to a request for comment.
STRICT SECURITY CHECKS
Israel has said the crossing would open under stringent security checks only for Palestinians who wish to leave the war-ravaged enclave and for those who fled the fighting in the first months of the war to return.
Many of those expected to leave are sick and wounded Gazans in need of medical care abroad. The Palestinian health ministry has said that there are 20,000 patients waiting to leave Gaza.
An Israeli defense official said that the crossing can hold between 150-200 people altogether in both directions. There will be more people leaving than returning because patients leave together with escorts, the official added.
“(The Rafah crossing) is the lifeline for us, the patients. We don’t have the resources to be treated in Gaza,” said Moustafa Abdel Hadi, a kidney patient in a central Gaza hospital, awaiting a transplant abroad.
“If the war impacted a healthy person by 1 percent, it has impacted us 200 percent,” he said, sitting as he received dialysis treatment at Al-Aqsa Martyrs Hospital. His travel request, he said, has been approved.
Two Egyptian officials said that at least 50 Palestinian patients will be processed on Sunday to cross Rafah into Egypt for treatment. In the first few days around 200 people, patients and their family members, will cross daily into Egypt, the officials said, with 50 people returning to Gaza per day.
Lists of Gazans set to pass through the crossing have been submitted by Egypt and approved by Israel, the official said.
NEXT PHASE OF TRUMP’S GAZA PLAN
Reopening the border crossing was a key requirement of the first phase of US President Donald Trump’s plan to end the Israel-Hamas war.
But the ceasefire, which came into effect in October after two years of fighting, has been repeatedly shaken by rounds of violence.
On Saturday, Israel launched some of its most intense airstrikes since the ceasefire, killing at least 30 people, in what it said was a response to a Hamas violation of the truce on Friday when militants emerged from a tunnel in Rafah.
The next phases of Trump’s plan for Gaza foresee governance being handed to Palestinian technocrats, Hamas laying down its weapons and Israeli troops withdrawing from the territory while an international force keeps the peace and Gaza is rebuilt.
Hamas has so far rejected disarmament and Israel has repeatedly indicated that if the Islamist terrorist group is not disarmed peacefully, it will use force to make it do so.