Social Affairs
Business closures near 1 million last year, highest since 2006
July 15, 2024
The number of business owners who filed for business closure approached 1 million last year, the highest number since related data began to be compiled in 2006. Business closures stood at about 986,400 in 2023, a near 14 percent increase from the previous year’s 867,200, shows data from the National Tax Service. The tally hovered around 800,000 between 2020 and 2022, before surging last year. The most common reason cited for closures was poor business performance, accounting for about 48