Any bark damage this severe, especially at the base of the tree will cause serious damage, bark is like our skin to a tree. It now has to use all its resources to heal itself. Being as young as it is. I personally don't see this tree recovering. If you want to try and save it you can try something like this
Tanglefoot Tree Wound Pruning Sealer & Grafting Compound 16 OZ https://www.amazon.ca/dp/B077XNP69Q/ref=cm_sw_r_apan_glt_i_048P82T6JYN5RFPBZKA2?_encoding=UTF8&psc=1
This is essentially girdling the tree. I’ve had a tree that was partially done survive by painting with tree pruning sealer. You should try and paint several coats over all of the damaged surfaces on the tree. pruning sealer link I didn’t use this brand but it was the first one that popped up when searching.
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This is what I use when my trees are injured:
https://www.amazon.com/gp/product/B077XNP69Q/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1
https://www.amazon.com/gp/product/B000OW9TBU/ref=ppx_yo_dt_b_asin_title_o00_s01?ie=UTF8&psc=1
Tanglefoot Tree Wound Pruning Sealer & Grafting Compound https://smile.amazon.com/dp/B077XNP69Q/ref=cm_sw_r_apan_i_VEC9WQGNVXZYW2C23ZQJ?_encoding=UTF8&psc=1
Tanglefoot Tree Wound Pruning Sealer & Grafting Compound https://www.amazon.com/dp/B077XNP69Q/ref=cm_sw_r_apan_glt_i_G782CKPXGA835RN9QBDJ?_encoding=UTF8&psc=1