Economics
Virus Batters Family Businesses in Entrepreneur-Heavy Korea
- Self-employed people as ratio of work force is high in Korea
- Loans to self-employed Koreans climbed to a record last year
A person wearing a protective mask walks past a shuttered store in the Myeongdong district in Seoul, South Korea, on March 5.
Photographer: Jean Chung/BloombergThis article is for subscribers only.
Seoul-based labor lawyer Lee Seung-yeon’s phone has been ringing almost nonstop since the coronavirus hit South Korea.
One of the calls is from an owner of a restaurant in tourist spot Myeongdong. The restaurateur is thinking of closing his business after revenue dwindled to 200,000 won ($168) a day. Others phone about trouble paying salaries or about getting government assistance.