Key Market Indicators
Oman is projected to increase its defense expenditure to approximately $6.1 billion by 2028, up from $5.8 billion in 2023. This represents an average annual growth rate of 0.7%. Since 1976, Oman has seen a yearly decrease in defense spending by 5.1% on average. Despite this, the nation ranked 34th globally in defense expenditure for 2023. Switzerland slightly edged out Oman with a defense budget also around $5.8 billion. Leading the global ranking, China, Russia, and India held the second, third, and fourth positions, respectively.
