This staggering figure will only lend to the current economic turmoil surfacing throughout the United States.

BOSTON (CBS) ― A newly released report estimates that $1.7 billion will be lost in productivity during the two weeks of March Madness.

March Madness is when the NCAA holds its men's college basketball championship tournament, and an estimated 37.3 million workers participate in office pools. The report prepared by global outplacement consultancy Challenger, Gray & Christmas, Inc., says the annual distraction could cost as much as $1.7 billion in wasted work time when the tournament starts on Monday and ends April 7.

Up to 1.5 million workers are expected to watch games online from their desks.

The report is based on the number of people expected to participate in office pools, the amount of money they earn and the amount of work time in March Madness related activities, such as tournament conversation at work and watching live videos of the games during business hours.