Crude oil rebounded Monday afternoon after dipping below $35 a barrel for the first time since 2009, a concerning statistic for those in Canada, where thousands of oil-related jobs have already been lost.
In fact, oil comprises about 10 percent of the country's gross domestic product and as of two years ago, oil industry jobs made up 87 percent of all jobs.
However, Dave McKay, president and CEO of the Royal Bank of Canada, told CNBC's "Closing Bell" that all hope is not lost.
"Certainly it impacts the Alberta economy and the Saskatchewan economy, but we're seeing quite a bit of strength in Ontario, Quebec and British Columbia," he said Monday. "Next year we expect GDP outside of Alberta to be roughly 2.5 percent and nationally around 2 percent."