Dec. 16 (Asia Today) -- Nearly half of South Korea's small business owners say policies to boost domestic demand and consumer spending are the most urgently needed form of support, according to a new survey released Tuesday.
The Korea Federation of SMEs said 49.5% of respondents cited domestic demand and consumption stimulus as their top policy priority, according to its "Survey Results on Small Business Owners' Management Status and Policy Tasks."
The survey was conducted from Nov. 4 to 21 among 800 small businesses in daily life-related sectors, including wholesale and retail trade, lodging and food services, and manufacturing.
The results showed a largely pessimistic outlook for next year. About 89.3% of respondents said they expect business conditions to remain similar to this year (51.3%) or worsen (38.0%), while only 10.8% reported a positive outlook.
Asked about the biggest management burdens this year, respondents most frequently cited rising prices, including higher raw material and supply costs (56.3%), followed by declining sales due to weak domestic demand (48.0%), rising labor costs and labor shortages (28.5%), and loan repayment burdens (20.4%). Despite these pressures, 97.4% said they are not considering closing their businesses, which the federation attributed to the high share of livelihood-based startups, accounting for 91.4% of respondents.
