Story perspectives
South Korea's Restaurant Industry Faces 20-Year Low
2/16/2025
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Story summary
- South Korea's restaurant industry experienced its worst downturn in nearly 20 years, with over 107,000 closures in 2024.
- Full-service restaurants faced a 10.4% closure rate due to rising ingredient costs and decreased consumer spending.
- The industry saw 5,374 more closures than openings, indicating severe financial challenges.
- Economic forecasts predict continued difficulties, with growth rates projected at 1.6-1.7% for 2025.
