Forecast: Military Expenditure in South Korea

South Korea's military expenditure presented steady growth from 2013 to 2023, peaking notably in 2021 at 50.874 billion USD before a slight decrease in 2022. In 2023, military expenditure stood at 47.46 billion USD, showing a year-on-year increase of 2.36% and a modest CAGR of 1.96% over the last five years. Over the broader period, volatile trends included significant increases in certain years, such as 10.31% in 2021 and decreases like -8.86% in 2022.

Future trends to watch for:

• Consistent though modest growth in military expenditure is expected through 2028 as driven by a forecasted 5-year CAGR of 1.64%.
• Potential increase in military budgets depending on geopolitical tensions in the region and technological advancements.