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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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Nearly 90% of Turkish Opinion Columns Favor Hamas, Study Shows

Pro-Hamas demonstrators in Istanbul, Turkey, carry a banner calling for Israel’s elimination. Photo: Reuters/Dilara Senkaya

About 90 percent of opinion articles published in two of Turkey’s leading media outlets portray the Palestinian terrorist group Hamas in a positive or neutral light, according to a new study, reflecting Ankara’s increasingly hostile stance toward Israel.

Earlier this week, the Israel-based Jewish People Policy Institute released a report examining roughly 15,000 opinion columns in the widely read Turkish newspapers Sabah and Hürriyet, revealing that Hamas is often depicted positively through a “resistance movement” narrative portraying its members as “martyrs.”

For example, Turkish journalist Abdulkadir Selvi, writing in Hürriyet, described the assassinated Hamas leader Ismail Haniyeh as “a holy martyr not only of Palestine but of Islam as a whole” who “fought for peace,” while portraying Israeli Prime Minister Benjamin Netanyahu as “the new Hitler.”

JPPI also found that most articles in these two newspapers took a neutral stance on the Hamas-led invasion of and massacre across southern Israel on Oct. 7, 2023, offering almost no clear condemnation of the attacks and failing to acknowledge the group’s targeting of civilians. 

Some journalists even went so far as to praise the violence as serving the Palestinian cause, the study noted. 

In one striking example, Hürriyet published an article just one day after the attack, lauding the “resistance fighters” who carried out a “mythic” assault on the “Zionist occupying regime” and celebrating the killings.

In other cases, some journalists went as far as to portray Hamas as treating the Israeli hostages it kidnapped “kindly,” denying that the terrorist group had tortured and sexually abused former captives despite clear evidence.

“There was not the slightest indication that the Israelis released by the Palestinian resistance had been tortured,” Turkish journalist Hilal Kaplan wrote in Sabah, denying claims that the hostages had suffered brutal abuse.

“They all looked exactly the same physically as they did on Oct. 6, 2023, more than a year later,” he continued.

Prof. Yedidia Stern, president of JPPI, described the study’s findings as “deeply troubling,” urging Israeli officials not to overlook the Turkish media’s positive portrayal of Hamas and denial of its abuses.

“We must not normalize incitement and antisemitism anywhere in the world – certainly not when it comes from countries with which Israel maintains diplomatic relations,” Stern said in a statement.

According to the study, nearly half of the columns expressed a positive view of Hamas, while approximately 40 percent took a neutral position.

The analysis also found that around 40 percent of opinion columns mentioning Jews or Judaism contained antisemitic elements, with some invoking “Jewish capital” to suggest global power, while others compared Zionism to Nazism or depicted Jews as immune from international criticism.

For instance, two weeks after the Oct. 7 atrocities, Turkish journalist Nedim Şener wrote in Hürriyet that global Jewish capital and control over media and international institutions had brought the United States and Europe “to their knees,” allowing Israel to carry out a “genocide against Palestinians in Gaza.”

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ADL appoints former head of embattled Gaza aid foundation to its board

The Anti-Defamation League named Rev. Johnnie Moore, who led the controversial Gaza Humanitarian Foundation, to its board of directors last week.

Moore became the public face of the foundation over the summer as it faced blame for hundreds of Palestinian civilians being killed while attempting to access aid at distribution centers that critics said were risky and inefficient.

But the ADL described the foundation, which was created with support from the U.S. and Israeli governments, as a “historic effort to provide nearly 200 million meals for free to the people of Gaza,” in a press release.

The ADL’s leadership has become more protective of Israel in recent years as it has shifted away from its historic work on civil rights issues unrelated to antisemitism. That change included a 2017 reworking of its governance structure, which had been run by a committee of several hundred lay leaders, to a more traditional nonprofit board.

The United Nations reported in August that 859 Palestinians had been killed near the Gaza Humanitarian Foundation sites, mostly by the Israeli military. Doctors Without Borders said that the centers had “morphed into a laboratory of cruelty” with children being shot and civilians crushed in stampedes.

Moore’s role involved defending the organization. He blamed Hamas and the United Nations for causing mass starvation in Gaza and presented the Gaza Humanitarian Foundation as the best means of distributing food to civilians without allowing it to be diverted to militants.

“Hamas has been trying to use the aid situation to advance their ceasefire position,” Moore said during a July presentation to the American Jewish Congress.

The foundation shut down in December.

An evangelical leader and former campaign adviser to President Donald Trump’s with no background in international aid prior to his work with the foundation in Gaza, Moore brings a Christian perspective to the ADL’s board at a time when evangelicals are increasingly divided over Israel and antisemitism. “As a Christian, I consider it a responsibility to stand alongside ADL in this critical moment for the Jewish community and for our nation,” he said in the statement announcing his appointment.

He was appointed alongside Stacie Hartman, an attorney and lay leader based in Chicago, and Matthew Segal, a media entrepreneur who former President Joe Biden named to the U.S. Holocaust Memorial Council. They join a mix of philanthropists and business leaders, including Jonathan Neman, the CEO of salad chain Sweetgreen, and Max Neuberger, the publisher of Jewish Insider.

The post ADL appoints former head of embattled Gaza aid foundation to its board appeared first on The Forward.

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Man Charged With Hate Crime for Car Ramming at Chabad Headquarters in Brooklyn

Police control the scene after a car repeatedly slammed into Chabad World Headquarters in Crown Heights section of Brooklyn. The driver was taken into custody. Photo: ZUMA Press Wire via Reuters Connect

Police in New York City charged a man on Thursday with a hate crime and other charges after he allegedly rammed his car repeatedly into Chabad Lubavitch World Headquarters in Brooklyn.

The suspect, 36-year-old Dan Sohail, has been charged with attempted assault as a hate crime, reckless endangerment as a hate crime, criminal mischief as a hate crime, and aggravated harassment as a hate crime, New York City Police Department (NYPD) Chief of Detectives Joseph Kenny announced at a press conference on Thursday.

“The hate crime right now is that he basically attacked a Jewish institution,” Kenny explained. “This is a synagogue, it was clearly marked as a synagogue, he knew it was a synagogue because he had attended there previously.”

The Chabad-Lubavitch movement is an influential force in Orthodox Judaism that operates around the world. The iconic 770 Eastern Parkway building in the Crown Heights neighborhood of Brooklyn became the world headquarters of the Hassidic movement in 1940.

The NYPD’s Hate Crimes Task Force is leading the investigation into the car ramming.

Sohail is a resident of New Jersey and has no criminal history in New York City, Kenny said. The vehicle he allegedly used on Wednesday night was registered under his name and, earlier this month, Sohail attended an event at the Chabad Lubavitch World Headquarters.

“We believe that he was in Brooklyn last night to continue this attempt to connect with the Lubavitch Jewish community,” Kenny said. Sohail was due in court on Friday.

Footage from the incident showed Sohail drive his vehicle multiple times into the rear door of the 770 Eastern Parkway building in Crown Heights, according to Kenny, who added that the suspect stepped out of his vehicle, removed several blockades from his path, and cleared snow away from a sidewalk before ramming into the building.

Later, when talking to police, Sohail claimed his foot slipped and that he lost control of the car because he was wearing “clunky boots,” Kenny said. No injuries were reported and the damaged synagogue door is currently being repaired, according to Yaacov Behrman, head of public relations at the Chabad Lubavitch World Headquarters.

“It is clear the incident was intentional,” Behrman added. “The attacker removed the metal bollards that typically block the ramp and protect the entrance shortly before driving into the building. The bollards have since been restored.”

The car ramming took place the same day as the 75th anniversary of Rabbi Menachem Mendel Schneerson being chosen as the leader of the Chabad-Lubavitch movement.

Rabbi Yehuda Krinsky, chairman of the Chabad Lubavitch World Headquarters, said in a statement on Thursday night that the incident “underscores a painful and undeniable reality: acts of hate, intimidation, violence, and antisemitic aggression are no longer isolated incidents or abstract threats.”

“Condemnation alone is insufficient. Real deterrence requires prompt, decisive action by the justice system — through swift prosecution and meaningful consequences — to discourage further incidents and ensure public safety,” he said. “As this incident occurred while the anniversary of the beginning of the Rebbe’s leadership was being observed worldwide, we reaffirm our faith that the world is meant to be refined — not ruled by fear or force, but cultivated as a place of moral clarity, responsibility, and goodness. We remain committed to that vision, even in the face of events such as this.”

The ramming incident occurred amid an alarming surge in antisemitic hate crimes across New York City.

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