Small Businesses See Gloomy Times Ahead

      August 19, 2022 13:09

      Small and mid-sized businesses in Korea are pessimistic about the future economy.
      In a survey of 1,000 companies with annual sales of more than W100 million by Gallup Korea this summer, eight out of 10 predicted that the economy will remain similar or get worse over the next five years.
      Some 43.4 percent said the economy will deteriorate further and 38.4 percent that it will stay the same (US$1=W1,321). Only 18.3 percent said the situation will get better.
      Pessimists cited rising raw material prices (50.7 percent) as the main culprit, followed by resurgent COVID infections (15.3 percent) and sluggish economic growth (12 percent).
      Regarding government policies to support small businesses, 63.4 percent were optimistic and 36.3 percent pessimistic. They said effective measures should include low interest rates, tax reduction and deregulation.
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