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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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Some Tankers Cross Strait of Hormuz Before Shots Fired, Ship-Tracking Data Shows
A satellite image shows the ship movement at the Strait of Hormuz on April 17, 2026, in Space. EUROPEAN UNION/COPERNICUS SENTINEL-2/Handout via REUTERS
More than a dozen tankers, including three sanctioned vessels, passed through the Strait of Hormuz after a 50-day blockade was lifted on Friday, shipping data showed, before Iran reimposed restrictions on Saturday and fired at some vessels.
Reopening the strait is key for Gulf producers to resume full oil and gas supplies to the world, and end what the International Energy Agency has called the worst-ever supply disruption.
US President Donald Trump said on Friday Iran had agreed to open the strait, while Iranian officials said they wanted the US to fully lift its blockade of Iranian tankers.
Western shipping companies cautiously welcomed the announcements but said more clarity was needed, including on the presence of sea mines, before their vessels could transit.
IRAN RESUMES RESTRICTIONS
The ships that passed through the strait on Friday and Saturday via Iranian waters south of Larak island were mainly older, non-Western-owned vessels and included four sanctioned ships, according to ship-tracking data.
Iran arranged passage for a limited number of oil tankers and commercial ships following prior agreements in negotiations, a spokesperson for Iran’s Revolutionary Guards said.
Other ships have been seen approaching the strait and turning back as Iran said it would maintain strict controls as long as the US continues its blockade of Iranian ports.
The UK Navy reported on Saturday that Iranian gunboats fired at some ships attempting to cross the strait.
Some merchant vessels received radio messages from Iran’s navy saying the strait was shut again and that no ships were allowed to pass, shipping sources said on Saturday.
Ship-tracking data showed five vessels loaded with liquefied natural gas from Ras Laffan in Qatar approaching the strait on Saturday morning.
No LNG cargoes have transited the waterway since the US-Israeli war with Iran began on February 28.
Hundreds of ships have been stuck in the Gulf since the conflict started and Tehran closed the strait, forcing Gulf oil and gas producers to sharply cut production.
Top producers such as Saudi Arabia, the UAE, Iraq and Kuwait say they need steady tanker flows and unrestricted passage through the strait to resume normal export operations.
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Trump Greenlights Russian Oil to Ease Strain on Global Markets After War with Iran
US Treasury Secretary Scott Bessent in Washington, DC, US, March 27, 2026. Photo: REUTERS/Jonathan Ernst
i24 News – The Trump administration has authorized a 30-day emergency waiver allowing the maritime purchase of Russian oil, reversing a hardline stance in an effort to stabilize skyrocketing global energy prices.
The Treasury Department announced Friday that the license for crude and petroleum products will remain in effect until May 16, 2026, responding to intense pressure from international partners struggling with the fallout of the war with Iran.
This policy pivot comes as a surprise after Treasury Secretary Scott Bessent suggested earlier this week that no further exemptions would be granted:
“As negotiations with Iran accelerate, the administration seeks to ensure oil availability for those who need it most. We must prevent a total price collapse for consumers while the geopolitical situation remains volatile.”
Ensuring global oil availability is paramount for the US as over 80 energy facilities in the Middle East have been damaged by recent war with Iran. With the November midterm elections approaching, record-high fuel prices at the pump remain a primary vulnerability for the Republican party. By allowing Russian oil back into the maritime flow, the administration hopes to neutralize “pain at the pump” before voters head to the polls.
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UK: Islamist Group Claims to Attack Israeli Embassy with ‘Drones Carrying Radioactive, Carcinogenic Materials’
A UK man has been arrested for allegedly threatening a group of Jews while wielding an ax on Rosh Hashanah. Photo: Tony Webster / Wikimedia Commons.
i24 News – British police officers in protective clothing were seen investigating a “security incident” near the Israeli embassy in London on Friday, after a jihadist group put out a video showing it launching two drones allegedly carrying radioactive and carcinogenic materials toward the embassy.
“There is an increased police presence in Kensington Gardens and officers are assessing a number of discarded items. As a precaution, some of the officers who have been deployed are wearing protective clothing. We recognize this may concern local residents and the wider public,” police said in a statement.
“Counter Terrorism Policing London are aware of a video shared online overnight in which a group claims to have targeted the nearby embassy of Israel with drones carrying dangerous substances,” the statement further read. “While we can confirm that the embassy has not been attacked, we are carrying out urgent inquiries to determine the authenticity of the video and to identify any potential link between it and the items discarded in Kensington Gardens.”
The incident comes amid a steep hike in antisemitic attacks in Britain targeting Jewish and Israeli individuals and institutions.
The group that released the video was identified as Harakat Ashab al-Yamin al-Islamia, a shadowy entity with suspected ties to Iran. It has already claimed seven attacks against Jewish institutions, including an arson attack in London where four ambulances owned by the Hatzolah charity were torched.