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Budget Sees Defense Spending at 6% of GDP in 2024

RUSSIA
  • Bloomberg report that Russia plans a massive increase in defense spending next year as President Vladimir Putin’s invasion of Ukraine continues to remake its economy and alter funding priorities.
  • Defense spending will comprise 6% of the country’s gross domestic product in 2024, up from 3.9% in 2023 and 2.7% in 2021, according to draft budget plans seen by Bloomberg News.
  • Secret expenditure on classified or unspecified items is forecast to nearly double as the Kremlin continues to try to avoid scrutiny of the war’s impact.

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