COLLISION COURSE: ‘Israel, Iran have fastest growing defense budgets in Middle East’
London- based global intelligence firm IHS reports that Gulf Arab states have cut spending due to falling oil prices.
Israel and Iran have the fastest growing defense budgets in the Middle East while other Gulf Arab states cut spending due to falling oil prices, according to a report published Thursday.
Worldwide, though, defense spending increased because of security threats, with many Western governments deciding not to make cuts, London- based global intelligence firm IHS said.
Iran came in second in the world in defense budget growth with a 29 percent increase in 2015. Israel’s growth was around 10%, putting it in 7th and Iraq was 9th with just under 9%.
Ukraine was first with a 90% jump in spending, Russia 4th at 21%, and China 8th with 9%.
The IHS Jane’s Defense Budgets Annual Report examines and forecasts defense expenditure for 104 countries.
“Of the 10 fastest growing defense budgets in 2015, just three were in the Middle East, down from six last year,” said Fenella McGerty, principal analyst at IHS.
Military spending dropped in Saudi
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