Medium Business Community Selected Next Year's Four-Character Idiom: 'Geumseok Wi Gae'

[Asia Economy Reporter Donghyun Choi] The small and medium-sized enterprises (SMEs) sector has selected ‘Geumseokwigae (金石爲開)’ as the four-character idiom for 2023.

The Korea Federation of SMEs announced on the 27th that, according to the 'Survey on SME Business Environment Outlook through Four-Character Idioms' conducted with 500 SMEs, 26.2% of respondents chose ‘Geumseokwigae’ as the idiom for the coming year.

Geumseokwigae means that sincerity can pierce through metal and stone, symbolizing that with strong will and dedication, any task can be accomplished. Amid the lingering impact of the COVID-19 pandemic and a compounded economic crisis of high inflation, high interest rates, and high exchange rates, SME owners who have endured an especially difficult year are interpreted to be expressing their determination to turn the crisis into a stepping stone for growth in the coming year.

Regarding strategies to respond to next year’s business environment, 56.8% of SMEs answered ‘diversifying sales channels such as expanding client base,’ which was the highest response. This was followed by strengthening marketing (44.4%), expanding hiring in preparation for economic recovery (30.4%), and productivity innovation through technology development (30.4%).

As for the most necessary support to improve the business environment next year, 56.8% cited measures to address the ‘three highs’ (high exchange rates, high interest rates, and high inflation). This was followed by easing corporate regulations (38.6%), support for production workforce (19.6%), and improvement of unfair trade practices (19.4%).

Kim Ki-moon, Chairman of the Korea Federation of SMEs, stated, “The selection of Geumseokwigae by SME owners reflects the determination of 7.29 million SMEs to overcome the complex economic crisis. Since many expect difficulties surrounding SMEs to continue next year, SMEs must strengthen their self-help efforts to overcome the crisis, and the government and National Assembly should prioritize revitalizing SMEs in economic policy.”

Meanwhile, the four-character idiom representing this year’s business environment was ‘Yeoribakbing (如履薄氷),’ meaning a precarious and risky situation, like walking on thin ice.

This content was produced with the assistance of AI translation services.