Global Markets: Feds table first budget in two years

Source: Canadian Cattlemen

WINNIPEG, March 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The Canadian federal government announced on Tuesday it will table its first budget since 2019 in the House of Commons on April 19. In the government’s fall economic statement last November, it projected a deficit of C$381.6 million, or 17.5 per cent of Canada’s GDP at the end of the 2020-21 fiscal year due to COVID-19 shutdowns and record spending towards income supports. The government believes the debt-to-GDP ratio will peak at 52.6 per cent before declining.

– WestJet is restoring flights to Atlantic Canada, the airline said in a news release on Wednesday. Service to Charlottetown, Fredericton, Moncton, Sydney and Quebec City will resume by late June, while flights between St. John’s and Toronto will return on June 24.

– General Motors will cut production at two of its plants starting on Wednesday due to a semiconductor chip shortage, according to a report from Reuters. The assembly plant in Wentzville, Mo. will be shut down for two weeks starting March 29, while its Lansing, Mich. plant will continue its shutdown, which started on March 15. The chip shortage resulted from soaring demand by the home electronic industry as people stayed home due to the COVID-19 pandemic.