A pedestrian in Seoul on Feb. 25 walks past a vacant retail property that contained a store that opened in September 2022 but closed only three years later.
Pedestrians stroll through Myeong-dong in central Seoul on Feb. 16.
A store in the popular shopping area of Myeong-dong in Jung District, central Seoul, announces its closure on Dec. 29.
The self-employed sector also must be able to build up economies of scale through raising competitiveness.
The rising cost of living in Korea is forcing many consumers to tighten their belts, as evidenced by the recent decline in face-to-face service spending.
The number of self-employed people in Korea fell for the sixth consecutive month in July, data showed Monday, as the nation's economy grapples with weaker consumption.
More fundamentally, to prevent people from starting a business without preparation, the government must create a political and social environment to encourage companies to create more quality jobs.
Nearly 1 million Korean small business owners closed shop in 2023, the highest recorded number. Experts blame high interest rates and inflation, anticipating a bleaker outlook for 2024.
The number of self-employed workers taking on multiple jobs hits record high due to sluggish demand, high rent and ingredient costs and arrears.
And yet, government relief measures lack long-term means to enhance their competitiveness and self-sufficiency and do not show structural guidance to advance the sector.
Korea JoongAng Daily Sitemap
