Mr. Speaker, I am thrilled that the member opposite would like to speak about the economy. Around the world, governments, including Canada, are taking immediate action to address the omicron variant. Earlier this week, Canada announced strong action at our borders and in regard to testing and entry. This is another reminder that all Canadians who can, should get their vaccines as soon as possible. There is no more important economic policy for Canada today than finishing the fight against COVID.
Today's renewed COVID fears are also a reminder of why the measures in Bill C-2, which provides targeted personal income and business supports, are so urgent and essential. Over the last 20 months, Canadians have faced tough times. Various health and safety precautions have caused financial and emotional distress for many people, not to mention those who have also had to care for or who have lost loved ones at the same time.
Across the country, many businesses have had to close, some temporarily and others permanently. The majority have experienced reduced revenues, even when they were open. This has translated into many people losing their jobs or having their hours reduced. That is why when the crisis hit, the government rapidly rolled out a full range of effective, broad-based programs under the economic response plan with much-needed support for individuals, businesses and communities to see Canadians through our country's greatest economic shock since the Great Depression.
In terms of its scale, Canada's economic response, including budget 2021 investments, was one of the largest and most expeditious among G7 countries. It helped engineer a near-term economic turnaround at a faster than anticipated pace compared with some industrialized countries. This support has worked. Many businesses are now safely reopening. Employment has recovered to pre-recession levels and of the three million jobs that were lost at the peak of the crisis, all have now been recouped, faster than any other recession. Canada's economic recovery is well on track and the pandemic economy is fading from view.
As our government looks to secure a more prosperous future for Canadians, it is helpful to look back and consider the key measures that have helped us to get to where we are today. These include the Canada emergency response benefit, the Canada emergency wage subsidy, the Canada emergency rent subsidy and lockdown support and the Canada emergency business account. Federal support also includes significant financing for the provinces and territories through its top-ups to the Canadian health transfer, as well as through the safe restart agreement, the safe return to class fund and the essential workers support fund. All told, more than $8 out of every $10 spent to fight COVID-19 and support Canadians has come from the federal government.
In budget 2021, the government promised that if additional flexibility was required, based on public health considerations later in the year, it would continue to do whatever it takes to be there for Canadians. That is why in October, we announced the Canada worker lockdown benefit. We are working to ensure continued support to Canadians throughout this pandemic.