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Global Defense Spending Annual Snapshot

 

The annual Global Defense Spending Snapshot by Forecast International's International Military Markets (IMM) group looks back on the past year in the defense market with an eye on future regional trends. Despite the outbreak of the COVID-19 pandemic and its effects on the global economy in 2020, the market continues to expand as security threats, military modernization programs, and regional and global rivalries spur higher spending. While in many nations such spending is strongly tied to economic health, the increasingly complex security environments in Asia, Europe and the Middle East, coupled with geopolitical peer rivalries, point to a robust market going forward.

Despite the pandemic, the intensifying competition for influence in different corners of the globe showed no sign of abating. Governments continue to place emphasis on research and development into new technological areas as diverse as hypersonics, artificial intelligence and robotics. With the advance of divergent and increased threats, major defense spending nations will continue to invest in their militaries even as they confront post-recession debt and deficit concerns. Forecast International anticipates a five-year compound annual growth trend of around 2.4 percent in defense spending, girded by spending in the U.S., China, and Russia.

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