Samsung, SK, Hyundai and LG were 40 percent of Korea's 2023 GDP
Published: 09 Oct. 2024, 17:50
The combined sales of the four family-controlled groups — Samsung, SK, Hyundai Motor and LG — reached 980.5 trillion won ($729 billion) in 2023, accounting for 40.8 percent of the country's nominal GDP, Rep. Cha Gyu-geun of the minor Rebuilding Korea Party said, citing data from the Fair Trade Commission.
The lawmaker highlighted that sales increased 25.2 percent from 783.4 trillion won in 2019, while the conglomerates' work force grew only 7.9 percent during the same period, reaching 745,902 employees.
Meanwhile, the combined sales of Korea's top 30 business groups reached 1,845 trillion won in 2023, making up 76.9 percent of GDP.
“Relying on a small number of chaebol will make the economy vulnerable, like putting all eggs in one basket,” Cha said, criticizing the Yoon Suk Yeol government for offering more tax and financial support to conglomerates.
Yonhap
with the Korea JoongAng Daily
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