Local small and mid-sized firms lowered their growth forecast for next year to two-point-five percent, slower than the IMF and the Bank of Korea's outlook of 2-point-seven. <br />A survey by the Korea Federation of SMEs on over three-thousand small companies shows the Small Business Health Index (SBHI) for 2019 recorded 83-point-two, near 10 points lower than last year.<br />A figure below 100 means there are more pessimists than optimists about the business outlook. <br />Surveyed companies cited the sluggish domestic economy, rising labor costs, and growing competition as some of the key factors. <br />
