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OECD SME and Entrepreneurship Outlook 2019

image of OECD SME and Entrepreneurship Outlook 2019

The new OECD SME and Entrepreneurship Outlook presents the latest trends in performance of small and medium-sized enterprises (SMEs) and provides a comprehensive overview of business conditions and policy frameworks for SMEs and entrepreneurs.

This year’s edition provides comparative evidence on business dynamism, productivity growth, wage gaps and export trends by firm size across OECD countries and emerging economies. It explores the implications of digitalisation and globalisation for market conditions and SME access to strategic resources such as finance, skills, technology, data and other innovation assets. The report gives comparative analysis of regulatory frameworks and policies to enhance contributions by SMEs and entrepreneurs, and delivers a forward-looking perspective on the opportunities and challenges SMEs and entrepreneurs face in doing business and scaling up their activities. It also contains country profiles outlining the latest developments in national SME performance and business conditions, with expanded country profiles available on line.

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Korea

Korea has a very supportive administrative and regulatory framework, especially in terms of resolving insolvency, but the regulatory system is constraining as it prohibits what is not legally allowed. The 2017 Liberalisation Plan, by targeting specific geographic areas and industries (e.g. ICT), has been a first step towards a system allowing everything except what is prohibited. Regulatory sandboxes were implemented in 2017 with temporary licenses in sectors using new technologies. Regulatory Free Zones were enacted in 2018 for new products and technologies. The government also encourages regulatory innovation in micro and small businesses by incentivising them to review ways of exempting or deferring regulations.

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