Singapore Foreign Minister announces general era of rising defense spending
[ad_1]
The period when funds released from the defense sector contributed to the growth of the world economy after the Second World War has come to an end, Singapore Foreign Minister Vivian Balakrishnan said in an interview with Bloomberg. He believes that rising defense spending will become a worldwide phenomenon.
At the same time, the US, he observed, “still spends more than anyone else – several times more than even China.” On the eve it became known that according to the draft budget of China for the current year, defense spending in 2023 is planned to increase by 7.2% to 1553.7 billion yuan ($225 billion). This is a higher figure than in 2022 – China’s defense budget then grew by 7.1%, and in 2021 – by 6.8% year on year.
The reason for the trend was the undermining of the faith of various states in “the international order, in the course of economic integration, in a liberal economy and free trade.” The minister acknowledged that rising defense spending in China and other Asian countries and an arms race “would not necessarily undermine” their ability to invest in infrastructure or education.
[ad_2]
Source link
