Approve the three-year financial plan… GDP share of defense spending this year 3.2% → next year 3.3%
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(Istanbul = Yonhap News) Correspondent Cho Seong-heum = Russian President Vladimir Putin announced on the 23rd (local time) that he is pursuing a plan to increase defense spending by more than 40 percent next year, following the first mobilization order in Russia since then. the Second World War was reported
According to a three-year fiscal plan confirmed by Bloomberg, Russia’s defense spending is expected to reach 5 trillion rubles next year, an increase of more than 43% compared to the initial budget.
Accordingly, the share of defense expenditure as a percentage of gross domestic product (GDP) is expected to reach 3.3%, the second largest after social programmes.
According to the initial budget plan, the share of defense spending as a percentage of next year’s GDP was expected to fall from 3.2% this year and 2.6% last year.
The cost of calling up the army is estimated to be 16 billion rubles (about 400 billion won) next year, and 16.5 billion rubles (about 410 billion won) per year from 2024 to 2025.
On the other hand, spending on education and culture is almost frozen, and the environmental budget is expected to fall by around a quarter of the initial budget.
This fiscal plan, approved by the government, will then be completed after the Senate and the House of Representatives and the President’s signature.
According to the Stockholm International Peace Research Institute (SIPRI), Russia was one of the top five defense spending countries in the world last year, spending $65.9 billion (about 93 trillion won) on defense, an increase of 2.9% from the previous year.
However, Russia has been fighting for seven months, with a recent defeat on Ukraine’s north-eastern front.
In response, President Putin announced on the 21st that he would issue a partial mobilization order for the reserve forces to defend Russia’s sovereignty and territory.
The Russian Defense Ministry said about 300,000 of the 25 million reservists will be subject to conscription.
Bloomberg noted that mobilization orders and increases in defense spending would be even more devastating to an otherwise stagnant economy.
A cut in energy supply to Europe could also have a negative impact on Russia’s finances.
Russian economist Alexander Issakov said the mobilization ordinance could temporarily hurt economic growth.
josh@yna.co.kr
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