Half of SMEs "Financial situation this year, worse than last year"

One of the two small and medium-sized companies in Korea was found to have worse financial conditions this year than last year.

The Korea Federation of Small and Medium Business conducted a survey of 500 SMEs from the 3rd to the 12th, and 47.2% of the respondents said that the financial situation this year has worsened compared to last year.

This is higher than the same survey of 31.7% last year.

By company size, 55.2% of the respondents said that small businesses have deteriorated, higher than 35.5% of medium-sized companies.

The reasons for the worsening financial situation were sluggish sales, raw material prices, and rising labor costs.

In addition, "expanding interest rate burden relief policies" received the most support at 38.6% as the most urgent financial support task for SMEs.