Small Business Economic Outlook Hits Highest in 4 Years 1 Month... Expectations Rise with Social Distancing Lift

On the 1st, one day before the outdoor mask mandate is lifted, citizens are resting at Yeouido Hangang Park in Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Donghyun Choi] The business outlook for small business owners has reached its highest level in 4 years and 1 month. This is interpreted as a result of growing expectations for economic recovery following the lifting of social distancing measures.

According to the Small Enterprise and Market Service on the 2nd, the May Business Survey Index (BSI) for small business owners rose 10.8 points from the previous month to 101. This is the highest level in 4 years and 1 month since April 2018 (104).

A BSI above 100 indicates that more people expect economic improvement, while a BSI below 100 means more expect economic deterioration. This is also the first time in 4 years and 1 month since April 2018 that the index has exceeded 100.

The survey was conducted over 5 days from April 18 to 22, targeting 2,400 small business owners. The government fully lifted social distancing measures related to business hours, private gatherings, and assemblies on the 18th.

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