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)
By Nam Kyung-don (firstname.lastname@example.org