South Korea has spent 76 percent of its annual budget so far this year as it seeks to frontload its spending to boost economic recovery, the finance ministry said Thursday.

The government has executed 227.7 trillion won ($216 billion) in spending as of the end of the third quarter, according to the ministry. This represents 76 percent of the total spending target of 299.4 trillion won.

The ministry provided a bleak assessment of current economic conditions, saying that the recovery momentum is weakening, affected by sluggish domestic demand and low inflation along with downside risks in the global economy.

Earlier this month, the Bank of Korea lowered its 2014 growth outlook for the country to 3.5 percent from 3.8 percent. It also trimmed its forecast for next year to 3.9 percent from 4 percent.

To help support the government’s economic stimulus measures and fight the sluggish economy, the central bank cut the key interest rate a second time this month.

The rate is now set at a record low of 2 percent, down from 2.25 percent.

(shinjh@heraldcorp.com)