Small and medium-sized enterprises (SMEs) form the backbone of South KoreaâÂÂs economy, accounting for 99.9% of all businesses in the country and employing over 80% of the workforce. As of recent estimates, there are more than 7.7 million SMEs in South Korea, employing approximately 18.49 million people, or 81% of the total workforce. In 2021, SMEs generated total revenues of 3,017 trillion KRW, representing a 12.8% increase from the previous year and contributing 46.9% of the nationâÂÂs total corporate revenue. Notably, since 2015, the classification criteria for SMEs have shifted from employee count to annual revenue, reflecting their growing significance in the economy.