The Small Business Market Promotion Agency announced on July 24 that it will actively pursue research to establish the 'Small Business Gross Domestic Product (S-GDP)', a measure of the production and added value generated by small businesses in the national economy, similar to GDP.
On the same day, the agency launched the 'Expert Advisory Group for Establishing a System to Measure the Economic Value of Small Businesses' at Dream Square in Mapo District and began research based on the System of National Accounts (SNA) for the S-GDP.
The advisory group includes experts from relevant institutions and academia, such as the Bank of Korea, the National Data Agency, the Korea Development Institute (KDI), the Korean Economic Association, and the Korean Association of Applied Economics.
During the meeting, participants discussed sharing past research outcomes, concepts and measurement methods, consistency with national statistics, and policy utilization strategies.
The launch of this advisory group is one of the implementation tasks of the 'Small Business Value Coexistence Project' announced by Director In Tae-yeon during a press conference marking his 100th day in office. The aim is to establish a foundation for measuring the economic value of small businesses through the development of S-GDP.
With the establishment of the advisory group, the agency plans to enhance its previous research and incorporate expert opinions to improve the objectivity and policy applicability of the study.
In Tae-yeon, the agency's director, stated, 'Small businesses are an ecosystem that drives our economy and local communities. We will use data to show who is producing in the Korean economy and establish a policy foundation that allows the public to feel the economic value created by small businesses.'
* This article has been translated by AI.
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