Putin targets 8.7% GDP for defense spending amid Ukraine conflict
6:27 AM EDT, May 16, 2024
According to Reuters, Vladimir Putin announced on Wednesday that Russia's total defense and security expenditures may reach 8.7 percent of gross domestic product or more this year. The Russian leader emphasized the importance of using funds cautiously and effectively.
In a meeting with Defense Minister Andrey Belousov, Secretary of the Security Council Sergei Shoigu, and top generals, Putin stated that "Russian forces improve their positions in Ukraine in all directions every day, and their progress is going according to the plan" approved by the General Staff.
"The more effectively you work on the front line, the greater our chances for a peaceful resolution of this issue," Putin said, addressing the generals. "This is what we have always aimed for, and I have always said this," he stressed.
An economist at the helm of the Ministry of Defense
"Certainly, it's not 13 percent, as it was in the Soviet Union, but it is still substantial. This is a significant resource, and we must use it cautiously and effectively," the Russian leader stated.
Putin also announced no changes in the army's general staff, attended by its chief, Gen. Valery Gerasimov.
Last year, analysts from Bloomberg predicted that Russia's defense spending would increase to 4.4 percent of GDP in 2024. In 2021, expenditures were 2.9 percent, and in 2023, 3.9 percent.
