Strategy Analytics: Defense Spending Reflects Mounting Global Concerns
BOSTON–(BUSINESS WIRE)–#China—Increasing tensions in the Indo-Pacific region helped drive defense spending increases in 2021 and the global response to Russia’s invasion of Ukraine in early 2022 will maintain this trajectory in the short-term. The Strategy Analytics Advanced Defense Systems (ADS) report “Global Defense Budget Forecast: 2021 – 2031” forecasts that global defense expenditures will exceed $3.1 trillion in 2031 in response to Russian intentions in Europe, an increasingly aggressive China and other escalating regional conflicts.
“Russia’s invasion of Ukraine is providing a short-term boost to defense spending as the US and its NATO allies send arms and supplies to that country,” noted Eric Higham Director of the Advanced Semiconductor Applications/Advanced Defense Systems (ADS) service. “Even before the Ukraine invasion, countries in the Middle East and the Indo-Pacific region were upgrading and bolstering defense capabilities as a hedge against uncertain intentions from their neighbors.” He went on to say, “The threat of Russia using nuclear weapons in Ukraine, an increasingly aggressive China and discussions about resuming the Iran nuclear deal will put upward pressure on global defense expenditures over the long-term.”
Source: Strategy Analytics, Inc.
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