Inflation ruins hopes for business normalcy for small business owners in Korea

[Photo by Yonhap]

Small businesses in Korea have turned as pessimistic about outlook as during strict social restrictions for virus mitigation as rapid rises in inflation have dampened consumer spending. According to a survey conducted by the Small Enterprise and Market Service (SEMAS) of 2,400 small business owners in May 18 to 22, the business survey index (BSI) for June was 87.1. A BSI reading below 100 indicates a more pessimistic view for future business performances and a more optimistic view for a reading above 100. The BSI forecast for May hit 101 after the lifting of all social distancing measures, the highest level in more than four years, but plummeted within a month.

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