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[Graphic News] 7 in 10 small businesses fail to survive past 5 years
By Korea HeraldPublished : Sept. 28, 2016 - 18:05
Seven in 10 small businesses in Korea failed to survive past five years, government data showed Wednesday.
Among small-scale enterprises that opened in 2008, only 29 percent remained in business in 2012, according to a report that the Small and Medium Business Administration submitted to lawmaker Lee Che-ik.
It also showed that the finance and insurance sectors were the toughest for small businesses, with only 45.7 percent of them remaining open after a year.
“The figure indicates how difficult conditions are for the self-employed,” Rep. Lee said.
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Articles by Korea Herald
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