SEMAS to Measure the Economic Value of Small Businesses for Policy Use

[Financial News] The Small Enterprise and Market Service said on the 24th that it will fully push ahead with a study to build a 'small business owners’ gross output index (S-GDP, tentative name),' which measures the production and added value created by small businesses in the economy, much like gross domestic product (GDP).
On the day, SEMAS launched the 'Expert Advisory Panel for Building a System to Measure the Economic Value of Small Businesses' at Dream Square in Mapo District and began research on developing S-GDP based on the System of National Accounts (SNA).
The panel includes experts from related institutions and academia, including the Bank of Korea, the National Data Office, Korea Development Institute (KDI), The Korean Economic Association and the Korean Association of Applied Economics.
At the meeting, participants shared the progress of previous research and discussed the concept and measurement methods of the index, its consistency with national statistics, and ways it could be used in policy.
SEMAS plans to establish a foundation for objectively measuring the economic value of small businesses and build a research framework that can be used in policy design and evaluation.
Chairman In Tae-yeon of SEMAS said, "Small businesses are an ecosystem that drives our economy and local communities." He added, "We will use data to show who is producing in the Korean economy and objectively measure the economic value created by small businesses, laying the groundwork for policies that the public can feel."

[email protected] Kim Hyun-chul Reporter