Jay Clemens
IHS Jane’s is projecting a 0.6 percent rise in military budgets worldwide during 2014, Agence France-Presse reported Tuesday.
The annual defense budgets review attributed that growth to the increase in demands for arms in Asia, the Middle East and Russia, according to the report.
“We have seen substantial increases in defense spending from countries like Russia, China, India, Saudi Arabia, and Oman over the past two years,” said Paul Burton, IHS Jane director of aerospace, defense and security, according to AFP.
The study notes that Russian President Vladimir Putin plans to raise his country’s defense spending by 44 percent over the next three years, AFP reports.
Fenella McGerty, a senior analyst at IHS Jane’s, told the publication that Oman and Saudi Arabia have increased their military expenditures by 30 percent between 2011 and 2013.
