The Small Enterprise and Market Service has begun full-fledged research to build the "small business gross production index (S-GDP, tentative name)" to objectively measure the production and value added that small businesses generate in the national economy.
SEMAS said it held an inauguration ceremony for the "expert advisory group for building a system to measure the economic value of small businesses" at Mapo Dream Square in Seoul on the 24th and will push ahead in earnest with the S-GDP research.
S-GDP is research that systematically calculates, based on the system of national accounts, the production and value added that small businesses generate in our economy.
Experts from related institutions and academia, including the Bank of Korea, the Ministry of Data and Statistics (MODS), Korea Development Institute (KDI), the Korean Economic Association, and the Korean Association of Applied Economics, will participate in the expert advisory group.
SEMAS also presented a policy direction that, taking this research as an opportunity, will redefine small businesses as "actors in the economy" and systematically identify and spread not only their economic value but also their social and cultural value and ecosystem value.
In Tae-yeon, SEMAS chair, said, "Small businesses are an ecosystem that drives our economy and local communities," and added, "We will use data to show who is producing the Korean economy and objectively measure the economic value created by small businesses to establish a policy foundation that the public can feel."