Between 2013 and 2023, Thailand's military expenditure exhibited fluctuations but saw an overall upward trend until 2020, followed by a consistent decline. The expenditure peaked in 2019 at $7.2861 billion, with notable increases year-on-year such as 7.45% in 2013 and 8.79% in 2018. However, starting in 2021, there is a clear declining trend, with significant reductions including 13.5% in 2022 and 15.33% in 2023. By 2023, military expenditure stood at $4.8468 billion.
Future projections indicate a steep decline in military spending, with forecasted expenditure dropping to $3.9767 billion in 2024, further plummeting to $0.58224 billion by 2028. The average annual reduction over the next five years is expected to be significant, with a CAGR of -31.9% and an overall decrease of 85.36% by 2028.
Future trends to watch for include the political and economic drivers behind the steep forecasted reduction in military spending, particularly any shifts in national defense policies, budget reallocations, or external factors such as regional geopolitical changes and economic conditions.
