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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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UK adopts sweeping measures against antisemitism in schools
(JTA) — The U.K. has adopted sweeping measures to combat antisemitism in English schools, prompting pushback from the country’s largest teachers’ union.
The move came after a new government-commissioned review found that three in five Jewish students reported experiencing antisemitism in English schools. The most common incidents were jokes, stereotypes and comments about Jewish people. About half of respondents who witnessed or experienced antisemitism said the incidents were not reported, most often because they did not think they would be taken seriously.
The government on Wednesday accepted 27 recommendations from the report, including dedicated antisemitism training for leaders and staff, improved recording of antisemitic incidents and moves to build a better understanding of Jewish life, identity and contemporary antisemitism.
The government commissioned the report following a spate of high-profile attacks on Jews in Britain, including an attack on a synagogue in Manchester last year that left two men dead.
The report’s author, Sir David Bell, the vice chancellor of the University of Sunderland and former chief inspector of schools in England, recommended addressing antisemitism distinctly from other forms of racism. He argued that antisemitism was a “uniquely complex” problem because of intertwined racial and religious dimensions, since Jewish identity can encompass both an ethnicity and a religion, along with expressions of prejudice that hold all Jews responsible for the actions of Israel.
The government will also encourage English schools to adopt the International Holocaust Remembrance Alliance (IHRA) working definition of antisemitism. The definition is supported by many mainstream Jewish organizations and has been adopted by 47 countries, including the U.K., but critics say that it conflates some forms of antisemitism with criticism of Israel.
British Education Secretary Lucy Powell called Bell’s review a “generational moment” and said that “implementation is now my priority.”
However, the National Education Union, the largest union representing teachers, lecturers, teaching assistants and support staff in the United Kingdom and Europe, raised concerns on Wednesday about recommending the IHRA definition for schools. NEU general secretary Daniel Kebede said in a statement that the definition “risks deepening the problem rather than tackling it, and actively undermining efforts to confront antisemitism.”
“The IHRA’s contested framing risks blurring the line between antisemitism and legitimate criticism of the Israeli government and the genocide in Gaza, leaving teachers with uncertainty when they need clarity,” said Kebede. He cited a risk that “children who cannot critically explore issues through classroom discussion will instead seek their answers in online and unsafe groups.”
Kebede also encouraged Britain’s Department for Education to strengthen guidance on all forms of racism, not only antisemitism, saying that 65% of teachers report they have not received any antiracism training in the past year.
The Board of Deputies of British Jews, an umbrella organization for British Jewish communities, celebrated the antisemitism report and the government’s adoption of its proposed measures. The group specifically praised the report’s “clear recommendations that schools and local authorities follow government guidelines by adopting the IHRA Working Definition of Antisemitism as a tool to deepen understanding of contemporary antisemitism.”
“We remain concerned about undue external influence on schools driven by narrow political agendas, and tendentious materials seeping into schools and increasing disharmony, and we will continue to press for vigilance against this,” said the Board of Deputies.
The post UK adopts sweeping measures against antisemitism in schools appeared first on The Forward.
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Orthodox Jewish man stabbed in midtown Manhattan
(New York Jewish Week) — An Orthodox Jewish man is in stable condition after being stabbed on Wednesday evening in the Diamond District of midtown Manhattan. Police are investigating the attack as a possible hate crime.
Police told the Jewish Telegraphic Agency that the NYPD’s Hate Crimes Task Force is investigating the incident as a possible antisemitic attack, and Manhattan Shomrim — the Jewish community watch group — has asked people to share footage as police search for the suspect. No arrests have been made.
The victim was identified by police as a 26-year-old man, and Orthodox Jewish outlet COLLive identified him as a resident of Crown Heights, the neighborhood that is home to the Chabad-Lubavitch Hasidic movement’s headquarters.
He was taken to Bellevue Hospital in stable condition. Police said they were called at about 5:50 p.m. on Wednesday after the man was stabbed in the back with “an unknown sharp object” on 47th Street near Fifth Avenue. ABC7 reported that the victim told investigators he believed he was stabbed with a needle or syringe.
According to the Chabad website, which published an interview with the victim, he is a recently ordained Hasidic rabbi named Joseph, who commutes to Midtown each day to wrap tefillin with Jewish merchants. The attacker, Joseph told the website, was a woman who seemed to be following him prior to the stabbing.
The attack comes as Jewish New Yorkers have been targeted in more than half of the hate crimes committed in New York City this year, despite making up about 12% of the city’s population.
In July, an assailant stabbed two men on the Upper West Side, including one who was leaving a synagogue, while yelling “Allahu akbar,” and was charged with committing hate crimes.
Louis Keene contributed reporting.
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VIDEO: A Hasid gives us a tour of Morocco in Yiddish
דער ירושלימער יוטוב־שטערן וועלוול קירשנבוים האָט לעצטנס אַרויסגעשטעלט אַ ווידעאָ אויף ייִדיש פֿון אַ פּרעכטיקן וויזיט, וואָס ער האָט געמאַכט אין מאַראָקאָ. עס באַגלייט אים זײַן חבֿר אַבֿרהם פּרץ.
אינעם ווידעאָ זעט מען ווי קירשנבוים דאַוונט שחרית מיט די אָרטיקע ייִדן און באַזוכט אַ גוט אָפּגעהיטענעם בית־עולם, וווּ עס ליגן באַערדיקט גרויסע צדיקים ווי למשל הרבֿ חיים בן עתר (1696–1743), באַקאַנט ווי דער „אור החיים“. „מענטשן מיינען, אַז נאָר אין אייראָפּע זענען דאָ קבֿרים פֿון צדיקים!“ זאָגט קירשנבוים.
מיר זעען אַ גרויסע, שיינע שיל מיט אַ פֿײַנער אַרכיטעקטור אין קאַזאַבלאַנקאַ; דעם גרויסן אַראַבישן שוק, וווּ קירשנבוים קויפֿט זיך אײַן מלבושים פּונקט ווי די מאַראָקאַנער גייען אָנגעטאָן. ער באַוווּנדערט אויך די שיינע טיי־גלעזער און טשײַניקן, וואָס מע פֿאַרקויפֿט דאָרט, און באַקענט זיך מיט אַ ייִדישן סוחר וואָס האַנדלט מיט זילבער און גאָלד, פּונקט אַזוי ווי זײַן טאַטע און זיידע האָבן געטאָן פֿאַר דור־דורות.
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