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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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NYC Mayor Mamdani Unveils Major Tax Hike on Unoccupied Luxury Real Estate
New York City Mayor Zohran Mamdani holds a press conference at the New York City Office of Emergency Management, as a major winter storm spreads across a large swath of the United States, in Brooklyn, New York City, US, Jan. 25, 2026. Photo: REUTERS/Bing Guan
i24 News – NYC Mayor Zohran Mamdani has officially introduced a controversial new tax targeting secondary residences valued at over $5 million.
The measure, designed to tap into the city’s vast concentration of unoccupied luxury wealth, is projected to generate roughly $500 million annually for the municipal budget.
“This tax is specifically aimed at the ultra-rich,” Mamdani stated, highlighting high-profile examples such as Ken Griffin’s $238 million Midtown penthouse and Alexander Varshavsky’s $20.5 million Columbus Circle residence.
While the city has yet to finalize specific evaluation criteria or the methods for distinguishing primary from secondary homes, the proposal has already become a flashpoint for economic debate.
The move has drawn sharp condemnation from billionaire investor Bill Ackman, who argued that the policy is fundamentally flawed.
Ackman contended that owners of luxury secondary residences contribute significant capital to the local economy without utilizing costly municipal services. He warned that the tax would likely trigger a corporate and high-net-worth exodus to low-tax jurisdictions like Miami, ultimately harming the city’s tax base.
President Donald Trump also entered the fray, denouncing the policy as “totally misguided” and claiming it is “destroying New York.” Trump, whose own extensive real estate holdings in the city could be impacted, argued that such taxation serves only to drive away the international investors who fuel New York’s development.
Implementation remains a significant question mark, as the tax could potentially affect nearly 13,000 property owners, including major figures like Jeff Bezos. Financial analysts point out that many of the city’s most expensive apartments are held through complex offshore structures and shell companies, making the identification and appraisal of these properties an immense administrative challenge for the city.
As the debate intensifies, the Mamdani administration faces a difficult path ahead in balancing its “tax the rich” mandate with the practical realities of New York’s competitive global real estate market.
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Iran Rebuffs Trump Announcement of New Peace Talks, State News Agency Reports
Iran rejected new peace talks with the United States, its state news agency reported on Sunday, hours after US President Donald Trump said he was sending envoys for talks in Pakistan and would launch new strikes on Iran unless it accepts his terms.
Trump posted on Truth Social that his envoys would arrive in Pakistan on Monday evening for negotiations, a timetable that would leave only a day for talks to make progress before a two-week ceasefire ends.
“We’re offering a very fair and reasonable DEAL, and I hope they take it because, if they don’t, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran,” he wrote. “NO MORE MR. NICE GUY!”
Iran’s official IRNA news agency cited no specific source in its report that Iran had rejected the talks.
“Iran stated that its absence from the second round of talks stems from what it called Washington’s excessive demands, unrealistic expectations, constant shifts in stance, repeated contradictions, and the ongoing naval blockade, which it considers a breach of the ceasefire,” IRNA wrote.
The White House did not immediately respond to a request for comment on Iran’s rejection of the talks.
Earlier, a White House official said the US delegation would be headed by Vice President JD Vance, who led the war’s first peace talks a week ago, and also include Trump’s envoy Steven Witkoff and son-in-law Jared Kushner. Trump had initially told ABC News and MS Now that Vance would not go.
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Israel Confronted White House After Trump’s Harsh Posts Against Israel About Lebanon Strikes
US Vice President JD Vance is welcomed by Israeli Ambassador to the US Yechiel Leiter and US Ambassador to Israel Mike Huckabee upon his arrival at Ben Gurion airport in Lod, Israel, Oct. 21, 2025. Photo: Nathan Howard/Pool via REUTERS
i24 News – Behind the scenes of a fragile regional peace, a series of blunt social media posts and urgent diplomatic calls have revealed deep tensions between the Trump administration and the Israeli government regarding the scope of the ceasefire in Lebanon.
The friction began hours after the cessation of hostilities was announced, when President Trump issued an unusually sharp directive on social media, catching Jerusalem by surprise. “Israel will not be bombing Lebanon any longer. They are PROHIBITED from doing so by the U.S.A. Enough is enough!!!”
The post sparked uproar within the Prime Minister’s Office. According to sources directly to i24NEWS, the concern was twofold: the rhetoric appeared to undermine signed agreements regarding Israel’s “freedom of action” against Hezbollah, and the blunt, authoritative language was viewed as exceptionally harsh for a close ally.
Following a round of emergency consultations, the Prime Minister’s Office dispatched Israel’s Ambassador to Washington, Yechiel Leiter, to contact the White House. Leiter reportedly conveyed Israel’s deep dissatisfaction with the implied restrictions on its security operations and the public tone of the directive.
In the wake of the Israeli protest, US officials moved quickly to de-escalate. A spokesperson issued a clarification to reporters, framing the President’s stance within the technicalities of the agreement:
“The President’s ceasefire agreement between Lebanon and Israel clearly states that Israel will not carry out any offensive military operations against Lebanese targets but preserves its right to self-defense against planned, imminent, or ongoing attacks.”
By overnight, President Trump appeared to shift his tone significantly, praising Israel’s military prowess amidst the ongoing broader conflict with Iran. “Whether people like Israel or not, they have proven to be a GREAT Ally,” Trump wrote, describing the nation as “Courageous, Bold, Loyal, and Smart.”
Despite the digital firestorm, the tactical reality remains nuanced. Over the weekend, the IDF acted several times to neutralize Hezbollah threats before they could be executed against Israeli forces.
However, in a notable sign of restraint aimed at preserving the truce, Israel elected not to respond to the recent deaths of two of its troops in separate incidents. Israeli officials maintained that the explosive devices responsible for the casualties had been planted prior to the ceasefire taking effect, choosing to categorize the events as legacy threats rather than fresh violations.