US EditionRussia To Hike Defence Spending By Almost 70 Percent In 2024: Ministry
- Russia plans to increase its defense spending by almost 70 percent in 2024, allocating nearly 10.8 trillion rubles for this purpose. This represents a significant jump from last year's spending and amounts to around 6 percent of GDP, surpassing the funds allocated for social policy.
- Despite economic concerns, including high inflation and a weaker ruble, Russia has prioritized its full-scale offensive in Ukraine, ramping up arms manufacturing and investing heavily in its military capabilities. This increase in defense spending comes at a time when Russia's central bank predicts a slowdown in economic growth in the second half of 2023.
- The Kremlin justifies the surge in defense spending as a necessary response to a "hybrid war unleashed against Russia." However, the allocation of funds towards defense means significantly less investment in education, environmental protection, and healthcare combined.
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Russia to hike defence spending by almost 70% in 2024: Ministry
Russia to hike defence spending by 68% in 2024, allocating 6% of GDP. Funds to be three times more than education, environmental protection and healthcare combined. Focus of economic policy shifting to national development goals, including strengthening defence capacity and integrating Ukraine regions.
Russia Unveils Huge Spending Hike Of Almost 70% To Battle "Hybrid War"
Russia said Thursday that it plans to raise defence spending by almost 70 percent next year, funneling massive resources into its Ukraine offensive to fight what it calls a "hybrid war" unleashed by the West.
Spending on this item will increase to 106 billion euros | The Secretary General of NATO says in Kiev that Ukrainian troops are “slowly gaining ground” from the invader | Russia launches a new drone attack against the province of Odesa
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