S. Koreans may close their businesses due to pandemic, say 40% of are self-employed

According to a survey released on Sunday, 40% of self-employed persons in South Korea are considering liquidating their companies because to slow sales as a result of the Covid-19 pandemic's long-enforced severe social distance restrictions.

According to a poll conducted by the Federation of Korean Industries (FKI), a prominent business lobby group, 40.8 percent of persons who own restaurants, retail stores, and other service enterprises are considering closing their doors, according to Yonhap News Agency.

Decreasing sales and profitability were cited as a key cause by 28.2 percent of them. Difficulty in obtaining cash and growing debt loads were ranked second and third, respectively, with 17.8% and 17.8%, respectively, in the study.

Small businesses and self-employed persons have been particularly severely struck by the pandemic's long-term social distancing laws and restrictions on business hours.

From Monday until February 6, the government proposes to keep restaurants and cafés open until 9 p.m., while increasing the size restriction for private parties to six from four.

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