The military expenditure in Singapore demonstrated fluctuating trends from 2013 to 2023. Following a peak in 2013, the spending consistently decreased with occasional increments such as in 2017 and 2021. Notably, there were sharp reductions in 2020 and 2023, respectively by 39.89% and 20.24%. As of 2023, expenditure stood at 13.49 units. The last two years noted variations of 15.87% in 2022 and -20.24% in 2023. Over the preceding five years, the CAGR indicated an annual average decline of 7.61%.
Forecasts from 2024 to 2028 predict continuing declines, with 2028 expected to reach 9.85 units, featuring a -4.85% CAGR and an overall reduction of 22.01% over these five years.
Future trends to watch for include geopolitical tensions, defense modernization programs, and economic changes which could impact both the forecasted expenditure levels and actual allocations in defense budgets. Emerging technologies and strategic alliances might also play critical roles in shaping future military expenditure.
