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[Monitor] Businesses in Korea show low survivability

A report showed that the rate of survival for businesses in Korea remains low compared to those in Western Europe.

The Korea International Trade Association said the survivability rates of lasting one and five years for businesses here came to 62.4 percent and 27.3 percent, respectively.

By type, service and manufacturing businesses showed respective rates of 84 percent and 8.9 percent.

The report pointed out that Korea has a higher proportion of small businesses than other countries, which are more easily impacted by external shocks.