(image: Pixabay)
SEOUL, July 8 (Korea Bizwire) — In the midst of a sluggish employment environment resulting from the COVID-19 pandemic last year, a shift towards entrepreneurship has continued this year, especially among young people.
The number of new business established during the January to April period of this year totaled 449,000, down 14.2 percent from a year ago, according to data compiled by the Ministry of SMEs and Startups and Statistics Korea.
In contrast, however, the number of new businesses established by young people under 30 years of age increased by 19.9 percent during the same period, the highest growth among all age groups.
During the same period, the number of new business established by people in their 30s increased by 5.6 percent year on year, while the number of such businesses set up by those in their 40s, 50s and over 60s marked negative year on year growth of 11.9 percent, 24.4 percent and 38 percent, respectively.
Excluding property-related business, the number of new business established during the January to April period of this year stood at about 350,000, up 15 percent from a year ago.
Of the total, the number of new businesses established by those under 30 years of age increased by 21.1 percent year on year to 55,000, the highest growth among all age groups.
Even last year, the number of new business established by those under 30 posted a year to year growth rate of 18.7 percent, about two times higher than the 7.3 percent recorded in 2019, the highest growth among all age groups.
J. S. Shin (js_shin@koreabizwire.com)
