The Covid-19 outbreak has been affecting the global economy, as well as the economy of Singapore, since the end of 2019. Many believe that the effects are only going to increase, and that the world economy will take a worse hit than during the Global Financial Crisis that took place a decade ago.

Airline companies have stopped hiring as they faced excess manpower situation.

Choose one of the macroeconomic concepts (eg. unemployment, inflation) and explain how the Covid-19 outbreak affects the concept.