World
Russia plans huge defense spending hike in 2024: Report
Russia plans a huge hike in defense spending next year, swelling to 6 percent of gross domestic product (GDP), up from 3.9 percent in 2023 and 2.7 percent in 2021, Bloomberg News reported on Friday.
Reuters could not immediately verify the report.
Moscow doubled its target for defense spending in 2023 to more than $100 billion, Reuters reported exclusively in August, as the costs of the war in Ukraine spiral and place growing strain on Moscow’s finances.
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Rising war costs are supporting Russia’s modest economic recovery this year with higher industrial production, but have already pushed budget finances to a deficit of around $24 billion – a figure compounded by falling export revenues.
The government was due to discuss draft budget proposals on Friday.
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