Revealed: Putin prepares massive investment

Written by Henrik Rothen

Sep.23 - 2023 8:59 AM CET

Putin prepares massive investment.

Trending Now

Russia is planning significant economic changes for the next year, with a focus on increasing its military spending.

According to a draft budget, Russia aims to boost its military expenditures to over $133 billion in 2024, up from $66.5 billion this year.

This information comes from Bloomberg reports.

The increase will make military spending account for 6% of Russia's GDP, compared to 3.9% this year and 2.7% in 2021.

One reason for the increase is the expected rise in revenue from gas and oil.

In comparison, NATO countries aim to allocate 2% of their GDP to defense, a target few actually meet.

Russia continues to direct significant resources to the conflict in Ukraine and appears to have the means to do so in the future.

Most Read