Key Market Indicators
Madagascar's defense expenditure is projected to hit approximately $101 million by 2028, an increase from nearly $98.5 million in 2023. This marks an average annual growth rate of 0.4%. Over the long term, Malagasy defense spending has surged significantly, with an annual growth rate of 6.1% since 1965. In the global rankings for 2023, Madagascar stood at 124th place, just behind Papua New Guinea, which also recorded a defense budget of around $98.5 million. Leading the global defense spending charts, China, Russia, and India secured the second, third, and fourth positions respectively.
