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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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Trump endorsement of Netanyahu blasted by liberal policy advocates, Democrats
(JTA) — A day after President Donald Trump endorsed Prime Minister Benjamin Netanyahu in the Israeli election eight days from now, U.S. policy analysts, Democratic lawmakers and liberal advocacy groups slammed the decision.
Trump announced his support for Netanyahu, who is running for reelection, in a Sunday Truth Social post that described the Israeli leader as “a Great Warrior Prime Minister” and a critical partner in eliminating the Iranian threat. Netanyahu has been trailing former IDF chief-of-staff Gadi Eisenkot in recent surveys.
Tali deGroot, vice president of political and digital strategy for the liberal Zionist group J Street, described Trump’s declaration as “an endorsement of endless war for Israelis,” in a statement sent to the Jewish Telegraphic Agency. She warned of “endless occupation and control of Palestinian life and land, and Israel’s growing isolation on the world stage.”
“The president is once again acting against the wishes of American taxpayers and choosing to uphold a failed, unpopular foreign policy that has brought devastation to Israelis, Palestinians and countless civilians,” deGroot added.
A spokesperson for the American Israel Public Affairs Committee, meanwhile, said that the lobby had no comment about the endorsement.
David Makovsky, director of the Program on Arab-Israel Relations at the Washington Institute for Near East Policy, criticized Trump’s decision, writing on X that “in one fell swoop, Trump has broken with the longstanding U.S. practice of avoiding explicit endorsements in Israeli elections.” The president, Makovsky added, went a step further by threatening to sever a partnership against Iran if Israelis choose a different leader.
“It is up to the Israeli people to choose their own leader and threatening that the U.S. will walk away from the conflict with Iran is beyond stunning,” Makovksy said.
Makovsky also pointed out that “a Trump endorsement is no electoral guarantee,” noting that Trump and Vice President JD Vance’s support for Viktor Orbán in Hungary did not end in a victory.
“The ultimate test is assembling a 61-seat Knesset majority,” Makovsky added. “Yet Netanyahu appears more focused on preventing an Eisenkot-led coalition from reaching that threshold than on demonstrating a viable path to 61 seats himself.”
Sen. Chris Van Hollen, a Democrat from Maryland, offered another scathing perspective, observing that “authoritarians of a feather flock together.”
“They started a war together,” Van Hollen stated. “They crack down on press freedom together. They lie about everything together.”
Rep. Analilia Mejia, a New Jersey Democrat running for reelection, said that the endorsement “tells us everything we need to know about both of these men.” She then went on to list Netanyahu, North Korea leader Kim Jong Un, Orbán and Russian President Vladimir Putin, adding that “this guy has a ‘type.’”
On the other side of the aisle, Rep. Carlos Gimenez, a Republican from Florida, reposted a video in which Netanyahu thanked Trump for his support. The congressman then added that “America will always stand with the Jewish State of Israel and our dear friend Prime Minister Netanyahu, who has championed our alliance for decades.”
Matt Brooks, CEO of the Republican Jewish Coalition, said he believes that “President Trump is incredibly popular with the people of Israel,” in a written statement to JTA.
“His support will carry considerable weight as Israelis make their choice for Prime Minister in a pivotal election this month,” Brooks added.
American Orthodox Rabbi Shmuley Boteach likewise celebrated the endorsement “by our great President Trump,” writing on X that he has “known and loved BIBI Netanyahu for some 35 years.”
Conservative radio personality Mark Levin described Trump’s Truth Social post as “an extraordinarily strong statement,” while accusing the opposition of “barking about election interference.”
“Trump makes clear it’s also in our national security interest for Netanyahu to remain PM,” Levin stated, calling complaints “unserious and a partisan political whine.”
Conservative influencer Evan Kilgore, on the other hand, fumed at Trump’s decision. Kilgore, whose X profile says “Christ is King,” announced that he is “so done with the GOP,” following Trump’s endorsement of Netanyahu. Kilgore described Trump as “TOTALLY fu*king subverted by Jewish and Zionist interests.”
Political analysts are divided as to whether Trump’s official support would have any sway on the results of an election 6,000 miles away.
Joyce Karam, editor-in-chief of the Washington-based site Al-Monitor, described the endorsement as a signal to both Israel and Iran that renewed escalation and a push for regime collapse could occur after the U.S. midterm elections. She also predicted that Trump’s backing could tip the balance in a tight race where neither side holds a majority.
However, Dov Waxman, director of the Israel Studies program at the University of California, Los Angeles, expressed doubt that support from Trump, who has become less popular in Israel, could significantly influence Netanyahu’s election chances.
“For a long time, most polls have shown his bloc falling well short of a parliamentary majority,” Waxman added.
This article originally appeared on JTA.org.
The post Trump endorsement of Netanyahu blasted by liberal policy advocates, Democrats appeared first on The Forward.
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Macklemore’s ‘Free Palestine’ tour will benefit group that called Oct. 7 a ‘prison break’
(JTA) — Macklemore, the rapper of hits such as “Thrift Shop” and “Can’t Hold Us,” is facing backlash from Jewish organizations over plans to donate proceeds from his forthcoming concert tour to the Palestinian Youth Movement, which described the Hamas-led Oct. 7 attacks on Israel as a “prison break.”
The rapper was dropped on Sept. 14 from an opening slot on Ed Sheeran’s U.S. stadium tour after making pro-Palestinian remarks onstage. He announced his “Free Palestine” tour on Sept. 24, pledging that all proceeds would benefit organizations supporting Palestinians. PYM is among 12 organizations named as beneficiaries.
The tour includes concerts in Dublin on Oct. 26, Paris on Oct. 29 and London on Oct. 30.
Macklemore received a surge of support after being dropped from Sheeran’s tour, with all of Sheeran’s remaining opening acts quitting in solidarity. He said on Instagram that the “Free Palestine” tour “sold out immediately.”
PYM is a grassroots movement of Palestinian and Arab youth in the United States, Canada and Britain. On Oct. 7, 2024, the first anniversary of the Hamas attacks, the group described the assault as a “prison break” and called the fighters “the men who broke through” in an essay published in The New Inquiry.
“Those fighters had trained for months, and now found themselves stepping foot onto the same hills and plains that their grandfathers and grandmothers had lived upon,” said PYM, without mentioning the killing and abduction of Israeli civilians.
PYM also said a week after the attacks, “Understand Palestinian resistance as fundamentally just and as a means of survival for our people; it will not stop in the weeks and months to come, and you must be prepared not to waver again.”
Jewish and pro-Israel groups have slammed Macklemore for supporting PYM. The Jewish Leadership Council, which represents British Jewish and pro-Israel groups, told The Jewish Chronicle, “When the PYM describes the 7 October massacre as a ‘prison break’, it risks legitimizing violence against Jews.”
The Israeli-American Council, which petitioned Sheeran to drop Macklemore, told Fox News Digital that “Live Nation and the concert organizers must now publicly explain their vetting process and ensure that concert proceeds do not benefit organizations that justify violence against innocent civilians.”
Macklemore, Live Nation and the Palestinian Youth Movement did not immediately respond to requests for comment.
This article originally appeared on JTA.org.
The post Macklemore’s ‘Free Palestine’ tour will benefit group that called Oct. 7 a ‘prison break’ appeared first on The Forward.
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Why is the biggest soccer team in the world talking about Joseph Goebbels?
The biggest rivalry in international soccer — between Real Madrid and FC Barcelona — has erupted in recent months, as Madrid pushes the Spanish soccer federation to punish Barca for alleged referee bribery.
But the ugly sparring between the clubs took an unexpected turn last week when Spanish league president Javier Tebas entered the fray with a shocking comparison.
“Real Madrid’s management directs an orchestra of mouthpieces and Real Madrid TV leads the singing,” Tebas wrote Oct. 15 on X. “Their score is always the same: select the plays that suit them, repeat the grievance, feed the suspicion, and point fingers at the enemies.
“That method recalls propaganda mechanisms exploited by Goebbels, Nazi Germany’s minister of propaganda: systematic repetition, construction of an enemy, and subordination of facts to the narrative.”
Real Madrid, which has employed such stars as Cristiano Ronaldo and David Beckham, condemned the remark with a statement calling for Tebas’ resignation both from the Spanish league, La Liga, and the Royal Spanish Football Federation, where Tebas serves as vice president.
“Real Madrid C. F. considers it absolutely intolerable and extraordinarily serious that someone holding two positions of utmost responsibility in Spanish football resorts to a comparison with the propaganda methods of the Nazi regime to discredit our club, its management, and its television,” the club wrote Oct. 16.Tebas has thus far refused to resign or even take down the post, and has defended his critique by pointing to other Spanish leaders who have made similar comparisons in the past.
The Goebbels controversy comes amid growing concerns about antisemitism in Spain, including in sports, where thousands of protesters blocked an Israeli-branded cycling team from competing in the Vuelta race last year.
The bribery accusations against Barcelona first surfaced in 2023, when it was revealed the club had paid millions of dollars to companies linked to the former vice president of the Spanish refereeing body, José María Enríquez Negreira. A Spanish court dismissed the bribery charges in 2024, but the investigation continued, and earlier this month Madrid submitted a tranche of documents it said proved the bribery claims.
The conflict between the club and Tebas dates back at least to 2021, when Madrid club president Florentino Perez spearheaded a breakaway international league that would have threatened Spanish competition. Barcelona had also agreed to join the so-called Super League, but the plan was scuttled after enormous backlash from fans across the continent.
Joseph Goebbels, one of Hitler’s most devoted followers, led the German Propaganda Ministry after the Nazi party came to power in 1933. He and his wife died by suicide in 1945 after killing their six children with cyanide.
The post Why is the biggest soccer team in the world talking about Joseph Goebbels? appeared first on The Forward.
