(MENAFN) Government data showed that sluggish economic conditions in the 2012-2013 period have delayed the creation of new firms and caused more existing ones to shut down, Yonhap News reported.
Data by Statistics Korea showed that a total of 749,000 new firms were founded in 2013, down by 21,000 over a year ago, while some 741,000 businesses closed in 2012, 58, 000 more than the prior year.
The figures showed that a total of 1.2 million people were working for newly launched companies last year, down 54,000, while the number of people who worked for unsuccessful firms was up to 1.06 million.
"Sluggish economic conditions in 2012 and 2013 influenced corporate births and hastened the fall of struggling companies," director of economic planning at the statistical agency said.
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