The fast-spreading new coronavirus has health authorities recommending that Canadians prepare a COVID-19 emergency kit. But they may also want to have an emergency fund.

With stock markets and oil prices plumbing record lows, some economists are expecting a recession. RBC, for example, recently updated its economic forecast to predict Canada will experience a brief economic downturn before bouncing back somewhat in the latter months of the year.

While the bank is still optimistic that the economic pain will be generally short-lived, RBC warned of job losses in industries that have been particularly exposed to the virus-led disruption:

“Falling oil prices will hit the energy sector harder.”

So what can Canadians do to soften the potential blow to their bottom line?

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