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Image header Agence Europe
Europe Daily Bulletin No. 11015
Contents Publication in full By article 38 / 41
BUSINESS NEWS NO 92 / (ae) defence

Slight increase in global military spending in 2014. - In 2014, military spending in the world will increase for the first time in five years, encouraged by spending in Russia, Asia and the Middle East, according to a study published by defence, security and intelligence analysts at IHS Jane's Defence. Jane's examined the budgets of 77 countries that account for 97% of military spending in the world. The increase will, however, be very slight, of the order of 0.6% to a figure of $1,547 billion compared to $1,538 billion in 2013. A more robust recovery is expected in 2016, after a very slight decline of -1.8% forecast for 2015. Asia is the only region in the world to have continuously increased its military spending since the crisis of 2009. According to estimates, military budgets in the world could reach a figure of $1,804 billion by 2024. In 2013, the biggest defence budget was still that of the US with $582.4 billion, despite a reduction in spending compared to 2012 ($664 billion). China came next ($139.2 billion), then Russia in third place ($68 billion), United Kingdom in fourth place ($58.9 billion) and Japan in fifth ($56 billion). According to plans adopted by the Russian parliament, the country intends to increase its military spending by 44% over the next three years to $98 billion by 2016. The US, on the other hand, is expected to reduce spending to $575 billion in 2014 and $535 billion in 2015, according to forecasts. China will spend more on its defence than the United Kingdom, France and Germany put together. The report also predicts that the Asian Pacific region (excluding China) will overtake Western Europe by 2015, with significant spending increases forecast in Australia, India and South Korea. Military spending in the Middle East has increased significantly since 2011. Oman and Saudi Arabia, in particular, increased spending on defence by 30% between 2011 and 2013, according to the report. Saudi Arabia, in ninth place in 2013, is expected to overtake Germany this year to inch its way into eighth position. (IL/transl.fl)

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EXTERNAL ACTION
SECTORAL POLICIES
ECONOMY - FINANCES - ENTREPRISES
INSTITUTIONAL
BUSINESS NEWS NO 92
WEEKLY SUPPLEMENT