Korea has highest ratio of businesses to GDP in OECD: report Title: Korea has


Korea has one of the highest ratios of businesses
to GDP in the developed world, fueled largely by a large number of self-employed small
business owners. Song Ji-sun reports.
Korea has the highest ratio of businesses… to GDP in the OECD.
As of 2013, Korea′s GDP was 1-point-4 trillion dollars… and there were 4-point-8
million businesses in the country. According to a new OECD report out this month,…
that translates to a ratio of three-point-three-three the highest among member nations.
The report says this is due to the high number of self-employed business owners in the
country. An earlier OECD report from March also suggests…
that Korea has the fourth highest number of self-employed people among member countries,…
following Greece, Turkey and Mexico. Self-employment accounts for over a quarter
of Korea′s total employment at 27-percent. Over 90-percent of small businesses with
less than 10 employees are classified as self-employed, either with or without employees.
However, low productivity is a concern for self-employed entrepreneurs.
The OECD report also notes that productivity at Korean companies with less than 10-employees
is the lowest among member countries. Local experts say self-employment is largely
involuntary here in Korea, as many small business owners have been left with few options
but to start their own businesses in order to make a living, including baby-boomers
who re-enter the job market after retiring. Song Ji-sun, Arirang News.

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2019 Toneatronic. All rights reserved.