In 2023, Russia plans to spend $84 billion on defense, which is 3.3% of GDP, although 2.4% was planned.
Next year, Russia plans to increase defense spending by 43%, Bloomberg wrote on Friday, September 23, citing the Kremlin’s three-year financial plan.
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According to the publication, by 2023 Russia’s spending on “national defense” will reach about $84 billion, or 3.3% of GDP. At the same time, the preliminary budget plan provided for a reduction in defense spending to 2.4% of GDP.
Costs related to national security and law enforcement will increase by 40%: in 2023 they are estimated at almost $70.2 billion (instead of $48.9 billion), and in 2024 – $71.8 billion (instead of $50.1 billion). ).
Overall, over the three-year period, the Russian Federation’s spending on national defense, security and law enforcement will average 5.7% of GDP.
Bloomberg also said that the 2023 budget deficit will increase to 2% of GDP from 0.9% in 2022. The publication states that the redirection of resources and labor for the needs of the armed forces will weaken the economy in a recession.
“It also threatens to become a burden on public finances, especially in connection with the intensification of the confrontation in the supply of energy resources from Russia to Europe,” the statement said.
In particular, annual pipeline gas exports from Russia are expected to decrease by almost 40% in 2023-2025, while crude oil shipments will increase slightly.
It was previously reported that Russia plans to abandon 1.6 trillion rubles of spending on state programs in 2023-2025.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.