21:52 15 May 2024
Russia's Defense Spending to Surge to 8.7% of GDP
Russian President Vladimir Putin announced a significant increase in defense and security spending, potentially reaching 8.7% of the gross domestic product (GDP) this year. Putin emphasized the importance of using these funds effectively during discussions with top military officials, including Minister of Defense Andrei Belousov and Secretary of the Security Council Sergei Shoigu. He underscored the need for strategic resource management, stating that while not as high as in the Soviet era, the allocated budget remains substantial. Putin reaffirmed the importance of balancing military spending with overall state development strategies. Despite projections, last year's defense expenses soared to 3.9% of GDP, indicating a notable surge from previous years.
