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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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UCLA student government condemns campus Hillel for hosting former hostage

A campus event featuring freed Israeli hostage Omer Shem Tov drew the condemnation of UCLA’s student government on Tuesday. In an open letter, the UCLA Students Associated Council said that bringing Tov to speak to students “served to legitimize and normalize” atrocities in Gaza and Lebanon.

Shem Tov, 23, was kidnapped from the Nova music festival in Southern Israel on Oct. 7, 2023, and held hostage in Gaza until his release in a prisoner exchange in February 2025. UCLA hosted him on April 14 for a Yom HaShoah event.

“While we affirm the humanity of all people impacted by violence, we reject the selective platforming of narratives that obscure the broader reality of ongoing state violence,” the student government letter wrote in the letter, which was addressed to the UCLA administration and UCLA Hillel among others. “Israel is currently continuing to carry out what has been widely identified by human rights advocates as a genocide in Gaza, while also expanding its illegal military campaign into Lebanon.

“In this context, elevating a single narrative, absent of critical political and humanitarian framing, serves to legitimize and normalize these ongoing atrocities.”

Rabbi Chaim Seidler-Feller, UCLA Hillel’s director emeritus, called the statement “completely ridiculous.”

“You can’t present the narrative of your experience without it being called ‘one sided,’” Seidler-Feller said. “There has to be a counter-story to persecution. Is there a counter-story to killing people?”

UCLA Hillel executive director Daniel Gold dismissed the criticism in Tuesday’s letter as antisemitic.

“Hillel at UCLA and Students Supporting Israel UCLA would like to apologize…for absolutely nothing,” he wrote in a statement. “Members of UCLA student government have once again shown they are anti-dialogue, anti-learning, anti-truth, anti-student and antisemitic.”

The USAC did not respond to a request for comment.

As college campuses across the country became a hotspot for pro-Palestinian activism following the Oct. 7 attack, UCLA, with an activist history and a large Jewish population, stood out as a major flashpoint. Its student encampment was the site of a riot in April 2024 and eventually cleared by police in riot gear.

The USAC has sided with pro-Palestinian protesters throughout. In a Feb. 2025 letter titled “We Are All SJP,” the USAC, which is democratically elected by the roughly 30,000-member UCLA student body, condemned Chancellor Julio Frenk’s suspension of Students for Justice in Palestine. The letter referred to Israel only as “the Zionist state” or put the country’s name inside quotation marks.

The University of California has since been sued by the Department of Justice, which said that UCLA created a hostile work environment against Jewish and Israeli faculty in violation of Title VII of the Civil Rights Act.

The post UCLA student government condemns campus Hillel for hosting former hostage appeared first on The Forward.

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Trump extends ceasefire with Iran, even after Iran balks at new round of negotiations

(JTA) — President Donald Trump announced on Tuesday that he would unilaterally extend the U.S.-Israeli ceasefire with Iran, even though Iran had not agreed to his conditions or even to return to the negotiating table.

Trump announced the decision on Truth Social just hours before the two-week-old deal was set to expire. Citing Iran’s “fractured” leadership, Trump wrote that he had been asked by Pakistani Prime Minister Shehbaz Sharif to “hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal.”

Vice President JD Vance’s planned trip to Islamabad, where talks were set to take place, was postponed indefinitely after Iran failed to confirm its participation in negotiations.

Trump added that the United States would maintain its naval blockade of Iranian ports in the Strait of Hormuz, despite Iran’s repeated calls for the restrictions to be lifted.

The announcement marked a sharp departure from the president’s statements earlier in the day, telling CNBC that, if a deal was not made before the deadline, “I expect to be bombing.”

In a statement Tuesday, Sharif thanked Trump for his “gracious acceptance” of Pakistan’s request to extend the ceasefire, adding that the country would “continue its earnest efforts for a negotiated settlement of the conflict.”

The announcement adds to uncertain about the war’s future, including for Israelis who lived through six weeks of Iranian bombing, and renews questions about Trump’s commitment to achieving his war goals, which have varied and included blunting Iran’s nuclear ambitions, achieving regime change, and destroying Iran’s stockpile of ballistic missiles. He said earlier this week that he was asking Iran to limit its nuclear program for 20 years, five years longer than was required by the deal struck by Barack Obama in 2015. Trump exited that deal in 2018.

Last week, Trump announced a different ceasefire, between Israel and Lebanon, on Truth Social, contradicting Israel’s claim that the Iran ceasefire would not apply to its fighting with Hezbollah, an Iran-backed proxy in Lebanon.

Trump’s announcement of the ceasefire extension came during the night in Israel, after Israelis began their celebration of Independence Day. It drew criticism from one of his staunchest pro-Israel supporters, the Zionist Organization of America, whose national president Morton Klein said in a statement that “interminable delay is the standard Islamic Iranian regime negotiating tactic” and that acceding to it represented a victory for Iran. The statement did not mention Trump.

The post Trump extends ceasefire with Iran, even after Iran balks at new round of negotiations appeared first on The Forward.

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Alan Dershowitz quits Democratic Party, calling it ‘most anti-Israel party in U.S. history’

(JTA) — Alan Dershowitz, the prominent pro-Israel attorney whose clients have included Donald Trump and Jeffrey Epstein, announced on Monday that he was leaving the Democratic party and registering as a Republican.

Describing himself as a “lifelong Democrat,” Dershowitz wrote in a Wall Street Journal op-ed that he had decided to “bite the bullet and register as a Republican,” citing Democratic support for an arms embargo on Israel last week and the Michigan Senate candidate Abdul el-Sayed’s anti-Israel rhetoric.

“There is no denying that the hard left, anti-Israel wing of the Democratic Party has moved from the fringe to the mainstream,” Dershowitz wrote, adding that “Republicans have their own antisemitic fringe, but for now it remains a fringe.”

The announcement formalized a political evolution for Dershowitz, who defended Trump during his first impeachment and has increasingly broken with Democrats over Israel in recent years.

In 2021, Dershowitz nominated Jared Kushner, Trump’s son-in-law, and Avi Berkowitz, Trump’s top Middle Eastern envoy during his first administration, for the Nobel Peace Prize over their hand in shaping the Abraham Accords.

Dershowitz — who has recently faced scrutiny over his ties to Epstein, and previously denied allegations of sexual misconduct made by one of Epstein’s accusers — panned the Democratic Party as the “most anti-Israel party in U.S. history” in the op-ed.

“I believe that the Democratic Party’s hostility to Israel represents a deeper and more dangerous shift away from the center and toward a radical approach that is bad for America and the free world,” Dershowitz wrote, adding that he intended to “work hard to prevent the Democrats from gaining control of the House and Senate.”

Dershowitz’s comments are in line with Trump’s statements about Jews and the Democratic Party. He has repeatedly expressed amazement at how any Jews could vote for the Democrats considering his own record when it comes to Israel.

The post Alan Dershowitz quits Democratic Party, calling it ‘most anti-Israel party in U.S. history’ appeared first on The Forward.

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