Key Market Indicators
Bolivia's defense expenditure is projected to climb to approximately $720 million by 2028, up from around $654 million in 2023. This growth represents an average annual increase of 1.5%. Historically, Bolivia's defense spending has seen a steady rise, averaging a 1.6% increase each year since 1968. In the global ranking of defense budgets for 2023, Bolivia secured the 81st position. The Dominican Republic slightly outpaced Bolivia with an identical budget of $654 million. At the top of the rankings, China, Russia, and India occupied the second, third, and fourth positions, respectively.