The Bank of Canada economic update reveals one million job losses in the month of March, which exceeded anything we've experienced. Furthermore, the losses in April are said to be far higher compared to last month. All provinces are said to slip into severe recession this year. Here are some of the important statistics you need to know:

• 20% to 25% of provincial GDP are highly impacted industries like retail trade, transportation services (including airlines), education, arts and recreation, and food and accommodation services
• Many of these industries temporarily going offline will easily subtract between 3 and 4 percentage points from right off-the-top in most provinces
• 2020 to mark the steepest one-year decline in GDP for all provinces except Newfoundland and Labrador and British Columbia
• Job-less rate will decline drastically into double-digits for every province and is expected to come back down over the second half of the year
• Alberta, Saskatchewan, and Newfound-land and Labrador won’t see single-digit unemployment until 2021 at the earliest
• Oil prices will only gradually recover over the coming year
• Drastically low oil prices have taken a toll on businesses in the sector
• Employment in Alberta is forecasted to plummet by 440,000 and 80,000 for Saskatchewan during this crisis
• Unemployment rate moving towards 20%in the current quarter in Alberta and 15% in Saskatchewan
• BC dedicating $1.5 billion to economic recovery efforts

Click here for the full report