Provide a summary of the impact of COVID on the economy using the fiscal snapshot provided.

Real GDP Growth Unemployment Rate per cent, quarter to quarter at annual rates per cent 75 16 Range of private 14 sector forecasts Range of private 50 sector forecasts 12 10 25 8 0 6 December 2019 EFU 4 -25 2020 Economic and Fiscal 2 Snapshot 2020 Economic and Fiscal Snapshot -50 0 2019 2020 2020 2020 2020 2021 2021 2021 2021 2019 2020 2020 2020 2020 2021 2021 2021 2021 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Note: Range is constructed by taking the highest and lowest Note: Range is constructed by taking the highest and lowest growth rates among individual forecasts in each quarter. levels among individual forecasts in each quarter. Sources: Statistics Canada; Department of Finance Canada May Sources: Statistics Canada; Department of Finance Canada 2020 survey of private sector economists. September 2019 and May 2020 surveys of private sector