In this report, what we've done is produce our own independent estimate of potential output. In previous reports, we relied on estimates from the Department of Finance over history and on going-forward estimates from the Bank of Canada and private sector forecasters. This time around, it's a fully independent estimate.
Potential output really reflects the output that would be produced if all the inputs in the economy were fully utilized. The unemployment rate would be at its trend level. Productivity would be at its trend level. It's a very useful metric for comparing previous recessions, as opposed to just comparing what the unemployment rate was in 1980 versus what it is now.
When you compare the past recessions in terms of the unemployment rate gap, you find that this recession is actually quite similar to those previous downturns. What's changed is--