A new Conference Board of Canada report released today at the Oil and Gas Summit 2015 in Calgary estimates Canada’s economy will suffer a 0.4 per cent hit to growth this year. Lower oil prices will have sharply differing effects across Canada’s regions and industries.

The Canadian dollar fell to its weakest in five years Tuesday on speculation the more than 50% drop in oil prices since June would lead to sharp economic revisions by the central bank.

In a shock move, the Bank of Canada cut its benchmark interest rate on Wednesday to counter the effects of cheaper oil on economic growth and inflation and help guard against the risks of a housing market downturn.