In 2020, approximately 66.2 percent of newly established businesses in South Korea failed to continue operations after five years. This was highest among arts, sports and recreation-related services as well as accommodation and food services. The 5-year survival rate stood at 33.8 percent, which was notably lower than the OECD average of 45.4 percent.
5-year failure rate of new businesses in South Korea in 2020, by industry
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Survival rate
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Yonhap. (October 3, 2023). 5-year failure rate of new businesses in South Korea in 2020, by industry [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1471340/south-korea-5-year-failure-rate-of-startups-by-industry/
Yonhap. "5-year failure rate of new businesses in South Korea in 2020, by industry." Chart. October 3, 2023. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1471340/south-korea-5-year-failure-rate-of-startups-by-industry/
Yonhap. (2023). 5-year failure rate of new businesses in South Korea in 2020, by industry. Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1471340/south-korea-5-year-failure-rate-of-startups-by-industry/
Yonhap. "5-year Failure Rate of New Businesses in South Korea in 2020, by Industry." Statista, Statista Inc., 3 Oct 2023, https://www.statista.com/statistics/1471340/south-korea-5-year-failure-rate-of-startups-by-industry/
Yonhap, 5-year failure rate of new businesses in South Korea in 2020, by industry Statista, https://www.statista.com/statistics/1471340/south-korea-5-year-failure-rate-of-startups-by-industry/ (last visited August 25, 2024)
5-year failure rate of new businesses in South Korea in 2020, by industry [Graph], Yonhap, October 3, 2023. [Online]. Available: https://www.statista.com/statistics/1471340/south-korea-5-year-failure-rate-of-startups-by-industry/