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The nation's sputtering economy has had a particularly strong impact on independent
business owners here in Korea.
They are finding it harder and harder to do business, and many of them are shutting their
doors as a result.
Our Yoo Li-an reports. Statistics Korea says the total number of business owners in the
nation came to 5-point-7 million last month, just about 22 percent of the total number
of individuals employed.
That's the lowest percentage since 1983, when employment data first began being kept.
One out of three people employed was a business owner back then, while only one out of five
is now.
With baby boomers,. those born between 1955 and 1963,. nearing retirement, the number
of those that own small businesses was on the rise at the end of 2011.
But it began to fall soon after,. and dropped by 90-thousand last month-- the biggest marginal
drop in more than two years.
More than half of those that closed down their businesses in the month of April were those
that had their own employees,. which means the poor economy has pushed even the relatively
better off business owners. who were able to afford their own employees. to close their
doors.
The majority of the business owners were involved in wholesale and retail,. sectors greatly
impacted by the economic downturn.
Experts say since the entry barrier for starting up a business is quite low in Korea, a great
number of people are opening up their own restaurants or jumping into retail rather
easily, but stiff competition. is leading to a high shutdown rate.
With an economic recovery still a ways off,. the experts added that there's an even greater
possibility that these vulnerable groups may become even more so.
Yoo Li-an, Arirang News.