Key Market Indicators
Iraq's defense expenditure is projected to rise to nearly $4.91 billion by 2028, up from approximately $4.84 billion in 2023. This growth represents a modest compound annual growth rate (CAGR) of 0.2%. Historically, since 1965, Iraq's defense spending has seen a year-on-year decrease of 5.2%. In the global rankings for 2023, Iraq holds the 42nd position. Thailand has surpassed Iraq with a defense budget of roughly $4.84 billion. At the top of the rankings, China, Russia, and India occupy the second, third, and fourth positions, respectively.
