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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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University of Michigan will have a leader who defended pro-Palestinian protesters in court

A civil rights attorney who defended pro-Palestinian protesters in court and made social media posts viewed as pro-Hezbollah and antisemitic, has won his bid for the University of Michigan Board of Regents.

Michigan is one of a few states in which voters play a direct role in choosing university overseers. As a regent, Amir Makled (D) will help oversee expenditures at the university where his clients, the student protesters, were arrested. The position is unpaid and carries an eight-year term. Democrat Paul Brown won the other seat up for election, maintaining the board’s 6-2 Democratic majority.

Makled beat out Republican challenger Lena Epstein, who is Jewish and previously identified as a “Jewish Messianic believer of Christ,” but recanted the statement and later said she was “100% Jewish.” Mainstream Judaism does not accept Messianic Jews because they believe in the divinity of Christ and try to convert Jews to Jesus.

Epstein told the Forward in an April interview that the Democrats had handed her an opportunity to win the seat by endorsing Makled, who was facing intense scrutiny. In one of his controversial posts, Makled called Hezbollah leader Hassan Nasrallah a “martyr” after he was killed by Israeli strikes in 2024. He lost an endorsement from Service Employees International Union for the posts and later deleted them.

In the regents race, voters picked up to two of six candidates, with the top two winning. Makled received 25.6% of the vote while Brown received 27.2%. Epstein received 22.2% while her fellow Republican Michael Schostak received 22.6%.

Makled’s election comes as part of a wave of Democratic Party wins, including in Michigan, which elected as Senator Abdul El-Sayed (D), who also faced severe backlash for statements related to Israel and Gaza and for appearing alongside streamer Hasan Piker, who has been accused of antisemitic rhetoric.

Israel played a major role in the rhetoric surrounding Michigan’s midterms. But voters, including 60% of Jewish voters that voted for El-Sayed according to early exit polls, favored sharp critics of the Jewish state to candidates in support of it.

The post University of Michigan will have a leader who defended pro-Palestinian protesters in court appeared first on The Forward.

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This grandson of Holocaust survivors is headed to Congress. The ADL has concerns about his antisemitism record.

The election of Daniel Biss, a Jewish critic of Israel, to an Illinois congressional seat Tuesday has sparked a public feud between the Anti-Defamation League and the liberal Zionist group J Street over whether the ADL remains a credible voice in the fight against antisemitism.

After Biss, the former Jewish mayor of Evanston, Ill., won his seat Tuesday night, the ADL Midwest took to social media to express “serious concerns” about Biss’ “approach to antisemitism.”

J Street, which had endorsed Biss, hit back, noting that Biss is the grandson of Holocaust survivors and calling the ADL’s statement “a shanda,” the Yiddish word for disgrace.

“It is hard to read this statement without wondering how far the ADL has drifted from the organization it once was – a gold standard in our community for standing up against bigotry, hatred and discrimination,” J street wrote on X.

Biss, who speaks Hebrew and spent childhood summers in Israel, was elected with 75% of the vote in a district where 11% of the electorate is Jewish.

“It saddens me to watch the ADL, once a preeminent civil rights organization, devolve into an entity that traffics in fear, intimidation and extremism,” Biss wrote in a statement to the Forward. “This kind of rhetoric does nothing to keep the Jewish people safe—in fact, it undermines that very cause.”

The ADL has long faced scrutiny from critics who view the watchdog group as labeling too broad a swath of Israel criticism as antisemitic, while less forcefully condemning antisemitism when it comes from the political right.

“Our statement speaks for itself,” an ADL spokesperson wrote in an email to the Forward.

In its statement, the ADL pointed to a specific set of concerns involving Biss’ record as mayor of Evanston, Illinois, the college town home to Northwestern University.

Biss did not provide Evanston police support that Northwestern requested after reported “antisemitic conduct” at the Gaza war encampment on campus in April 2024, the ADL said, “raising serious questions about whether the safety, dignity, and equal access of Jewish students were treated with the urgency they required.”

Biss has defended his decision not to dispatch police to the encampment, writing in response to a congressional inquiry that forcibly clearing the protest would have gone against police department advice and suppressed “constitutionally protected speech.”

The ADL also said that Biss “dismissed scrutiny of his response as a politically motivated attack fueled by AIPAC, rather than substantively addressing the concerns raised by Jewish students and community members.”

Biss made opposition to AIPAC a central theme of his primary campaign for Congress after the hardline pro-Israel lobbying group spent millions opposing him and supporting another candidate, state Sen. Laura Fine.

In an interview with the Forward in March, Biss said it was “absurd” that AIPAC opposes imposing any conditions on U.S. military aid to Israel. “And then try to enforce it with millions of dollars of dark money, is certainly bad for democracy and bad for our politics here in America,” Biss added.

At the same time, Biss faced pressure to his left on Israel in the primary, defeating Kat Abughazaleh, a Palestinian-American who has characterized Israel’s conduct in Gaza as a genocide. Biss, who has described himself as a progressive Zionist, declined to use the word genocide, despite repeated calls from Abughazaleh to do so.

In a March op-ed in The Nation, Biss wrote that he believed he was one of AIPAC’s top targets partly because “I’m the grandson of Holocaust survivors. My mother is Israeli. My extended family lives in Israel. AIPAC knew that they couldn’t dismiss me as anti-Israel or antisemitic.”

The ADL also criticized Biss for supporting the repeal of an anti-BDS law, which bars Illinois from investing public pension funds in companies that boycott Israel. That position, the ADL said, “raises additional concerns about his willingness to stand against efforts to isolate and delegitimize the Jewish state.”

In an April Substack post explaining his position, Biss said that he personally opposes the global movement to boycott Israel, but he does not believe the government should “stop people from using their economic agency to advocate for their values.”

Biss will succeed Rep. Jan Schakowsky, a Jewish lawmaker who represented the district for nearly three decades and was also an outspoken critic of AIPAC.

The post This grandson of Holocaust survivors is headed to Congress. The ADL has concerns about his antisemitism record. appeared first on The Forward.

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At the Vatican, two elderly men — one Jewish, one Catholic — exchange gifts and mutual admiration

On Wednesday, two senior citizens, Robert Zimmerman, 85, a Jew originally from Minnesota, and Robert Prevost, 71, a Catholic of Chicago, had a brief meeting at the younger man’s office in central Italy.

Sources on the scene report that Zimmerman was in town for business and Prevost, who goes professionally by Leo, had recently cited Zimmerman’s work in the preface to a book about nuclear disarmament.

Both men dressed in uniform, looking a bit Spy Vs. Spy, with Zimmerman in a black hoodie and Prevost in white with a small white skull cap. The confab was brief, a bulletin from Prevost’s workplace reported, consisting of “greetings and a few lighthearted exchanges.”

Prevost gifted Zimmerman with prayer beads, and Zimmerman presented Prevost with a copy of his memoir, published under his pen name, Bob Dylan.

While Zimmerman was raised in a Jewish home, he had, for a time in the late 1970s to early 1980s, converted to born-again Christianity, confounding many.

The post At the Vatican, two elderly men — one Jewish, one Catholic — exchange gifts and mutual admiration appeared first on The Forward.

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