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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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Lindsey Graham urges Israel not to strike Iranian oil depots even as he says he helped make war happen
(JTA) — Sen. Lindsey Graham of South Carolina has called on Israel to rein in its attacks on Iranian oil infrastructure, marking a rare note of caution from a Republican lawmaker who has said he helped push the United States to join Israel in waging war against Iran.
In a post on X on Sunday, Graham praised Israel for its role in the war before adding that “there will be a day soon that the Iranian people will be in charge of their own fate, not the murderous ayatollah’s regime.”
“In that regard, please be cautious about what targets you select,” continued Graham. “Our goal is to liberate the Iranian people in a fashion that does not cripple their chance to start a new and better life when this regime collapses. The oil economy of Iran will be essential to that endeavor.”
Graham’s post linked to an Axios article that reported that the United States was alarmed by Israeli strikes over the weekend that targeted 30 Iranian fuel depots. On Monday, U.S. gas prices rose to their highest levels since 2024.
The warning from Graham, an ally of President Donald Trump and staunch supporter of Israel, comes days after the Republican hawk told the Wall Street Journal that he had played a key role in urging Trump to strike Iran.
Prior to the joint U.S.-Israeli strikes on Iran, Graham made several trips to Israel where he met with members of the Mossad, Israel’s intelligence agency, as well as Israeli Prime Minister Benjamin Netanyahu whom he said he coached on how to lobby Trump to strike Iran.
“They’ll tell me things our own government won’t tell me,” Graham told the newspaper.
On Monday, Graham also directed his criticism at Saudi Arabia’s decision to stay on the sidelines of the campaign against Iran.
“It is my understanding the Kingdom refuses to use their capable military as a part of an effort to end the barbaric and terrorist Iranian regime who has terrorized the region and killed 7 Americans,” wrote Graham in a post on X Monday. “Question – why should America do a defense agreement with a country like the Kingdom of Saudi Arabia that is unwilling to join a fight of mutual interest?”
The post Lindsey Graham urges Israel not to strike Iranian oil depots even as he says he helped make war happen appeared first on The Forward.
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Belgian officials investigating synagogue explosion as possible act of terrorism
(JTA) — Belgian officials are investigating an explosion in front of a synagogue in Liège early Monday as a possible act of terrorism.
The explosion, which took place at 4 a.m., damaged the door of the historic neo-Romanesque synagogue and blew out the windows of multiple buildings across the street. No injuries were reported.
A range of Belgian politicians, including the prime minister and the mayor of Liège, characterized the explosion as act of antisemitism.
“Antisemitism is an attack on our values and our society, and we must fight it unequivocally,” Prime Minister Bart de Wever said in a statement. “We stand in solidarity with the Jewish community in Liege and across the country.”
The explosion comes amid a surge of concern about possible attacks by agents associated with the Iranian regime, against which the United States and Israel launched a war last week. Iran has a long record of supporting attacks on Jewish targets abroad, including two bombings in the 1990s in Argentina that killed more than 100 people at the Israeli embassy and a Jewish community center. Now, with Iran being pummeled at home, watchdogs are warning that it might lash out through its Iranian Islamic Revolutionary Guard Corps Quds Force, responsible for attacks abroad.
Azerbaijan said Friday that it had foiled multiple terror attacks planned by Iranian agents on Jewish sites. In London, four men were arrested last week for allegedly spying on the Jewish community for Iran, with the intent of planning attacks against the community. And a string of shootings at synagogues in Toronto has ignited concern in Canada, too.
Iranian agents have taken aim at non-Jewish targets, too. On Friday, a Pakistani man who prosecutors said had been directed by Iran’s IRGC was convicted of plotting to assassinate President Donald Trump.
The attack in Liège, in the primarily French-speaking Wallonia province, comes amid a range of recent developments that have unsettled Belgian Jews, who number approximately 30,000. They include antisemitic carnival caricatures in the city of Aalst; a ban on ritual slaughter preventing the local production of kosher meat; and an ongoing row between U.S. and Belgian officials over Jewish circumcision practices. The attack also follows a 2014 shooting in which a gunman associated with the Islamic State, a rival to Iran’s Islamic Republic, shot four people to death at the Jewish Museum in Brussels.
A spokesperson for the Liège police described the effects to the area as “only material damage” to the 1899 building. Rabbi Joshua Nejman told local media that he was hoping that security footage would reveal the perpetrator.
“I’m going to try to calm my heart, because it is beating faster and faster this morning,” said Nejman, who said he had been at the synagogue for 25 years.
“Liege is home to a very small but vibrant Jewish community where I personally grew up,” Eitan Bergman, vice president of the Coordinating Committee of Jewish Organisations in Belgium, told Reuters. “Today, the feelings among our community members are a mixture of sadness, worry and profound shock.”
Liege’s mayor, Willy Demeyer, praised the synagogue community to RBTF, Belgium’s French-language national broadcaster. He added, “We cannot allow foreign conflicts to be imported into our city.”
The post Belgian officials investigating synagogue explosion as possible act of terrorism appeared first on The Forward.
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The Top 100 People Positively Influencing Jewish Life, 2025
In honor of The Algemeiner‘s 12th annual gala, we are proud to present our “J100” list — 100 individuals who have positively influenced Jewish life over the past year.