How do Catholics understand the gathering of Jews in Isaiah 43:5–6?

Question

Isaiah 43:5–6 reads:

⁵ Fear not, for I am with you;
      from the east I will bring back your offspring,
      from the west I will gather you.
⁶ I will say to the north: Give them up!
      and to the south: Do not hold them!
Bring back my sons from afar,
      and my daughters from the ends of the earth: [NABRE]

This seems to indicate a gathering of all Jews back to the Land of Israel. I'd like to know the Catholic understanding of these verses, in particular:

• Is this something that will happen?
• Are we talking about the geographic land of Israel?
• Is there a deeper meaning behind it?

How do Catholics interpret the gathering of Jews in these verses?