SEOUL, Jan 26 (Reuters) - South Korea’s finance minister stressed on Tuesday the importance of frontloading government spending in the first quarter of the year to keep the recovery flame alive in the face of external and internal risks.
“The government is aggressively pushing early spending to respond to fears of a consumption slump in the first quarter, jitters out of China and low global oil prices,” said Finance Minister Yoo Il-ho during a cabinet meeting, urging other ministers to make sure spending takes place in a timely manner.
The government aims to frontload the annual budget every year to boost economic growth.
South Korea’s economic growth more than halved to 0.6 percent in the final quarter of 2015 as a decline in construction investment hobbled the ongoing recovery while consumption propped up activity, central bank data showed on Tuesday. (Reporting by Christine Kim; Editing by Eric Meijer)