Number of S. Korea's self-employed falls most in 6 years

By Park Bo-ram

SEOUL, June 14 (Yonhap) -- The number of self-employed people in South Korea declined at the fastest pace in six years in May amid a prolonged global economic downturn, government data showed Sunday.

The number of people who run their own businesses stood at 5.79 million as of
last month, down 4.9 percent, or 301,000, from the same month last year,
according to the data by the Ministry of Strategy and Finance.
The annual contraction is the steepest cut since April in 2004 when the on-year
figure dropped by 334,000, the data showed.
"Self-employed people usually become the first victims of a protracted slump as
they are among the most vulnerable to weak business activity," said a ministry
official. "The government will focus on bolstering the real economy in order to
help boost employment."
The nation's jobless rate shot up to a seasonally-adjusted 3.9 percent in May,
the highest in nearly four years.
Hit by falling exports and sluggish local demand, the South Korean economy
expanded a mere 0.1 percent in the January-March period from three month earlier.
It shrank by 5.1 percent in the fourth quarter last year.