Close to 1 million business closures per year... the smaller the business, the higher the rate of business closure, and the older the business, the greater the debt.

On the 30th, Choi Won-young, head of the small business policy office at the Ministry of SMEs and Startups, held a press briefing announcing ‘statistics on the status and actual status of business closures’ at Dream Square in Mapo-gu, Seoul. Provided by the Ministry of SMEs and Startups The number of businesses that closed down last year exceeded 970,000. It was found that the smaller the business size, the higher the rate of closure, and the older the business owner, the greater the debt. The rate of closure of businesses that have been established for more than three years and has a certain foundation is on the rise...