Small and medium-sized enterprises (SMEs) form the backbone of South Korea’s economy, accounting for 99.9% of all businesses in the country and employing over 80% of the workforce. As of recent estimates, there are more than 7.7 million SMEs in South Korea, employing approximately 18.49 million people, or 81% of the total workforce. In 2021, SMEs generated total revenues of 3,017 trillion KRW, representing a 12.8% increase from the previous year and contributing 46.9% of the nation’s total corporate revenue. Notably, since 2015, the classification criteria for SMEs have shifted from employee count to annual revenue, reflecting their growing significance in the economy.
Scope of SME
List of SMEs in South Korea
See also List of companies of South Korea
References
Further reading Nugent, Jeffrey B.; Yhee, Seung-Jae (2002). "Small and Medium Enterprises in Korea: Achievements, Constraints and Policy Issues". Small Business Economics. 18 (1/3): 85–119. doi:10.1023/A:1015181911497. OECD (2024). "Korea". Financing SMEs and Entrepreneurs 2024: An OECD Scoreboard. Paris: OECD Publishing. doi:10.1787/fa521246-en. ISSN 2306-5265.