Key Market Indicators
Mongolia's defense expenditure is projected to climb to $122 million by 2028, up from $114 million in 2023. This marks an average annual growth rate of 1.1%. Since 1996, the country's defense spending has increased by an average of 3.5% per year. In 2023, Mongolia was ranked 121st in defense expenditure, with Somalia surpassing it at $114 million. In the global context, China, Russia, and India hold the second, third, and fourth positions respectively in defense spending rankings.
