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[Graphic News] Two-fifths of self-employed mullbusiness closure amid pandemic

By Nam Kyung-don

Published : Jan. 25, 2022 - 10:01

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Four out of 10 self-employed people in South Korea are considering closing their businesses due to sluggish sales amid the long-enforced strict social distancing rules during the coronavirus pandemic, a survey showed.

According to the survey of 500 people operating restaurants, retail and other service businesses by the Federation of Korean Industries, a major business lobby group, 40.8 percent said that they are considering discontinuing their operations.

Of them, 28.2 percent cited declining sales and profits as a major reason. Difficulty in securing funds and increasing burdens from loans came next with 17.8 percent, the survey showed. 

Small merchants and self-employed people have been hard hit by the protracted social distancing rules and curbs on business operation hours put in place to fight the pandemic. (Yonhap)

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