Thailand to boost defense expenditure
by ANZDD on 31-May-2019
Thailand has witnessed Defense growth of 5.53% during 2015-2019 and will reach a value of US$6.9 billion in 2019. Thailand has continued to have one of Southeast Asia’s highest levels of defense spending and the trend is expected to continue over the forecast period, with the country’s defense expenditure projected to grow at a CAGR of 4.25% and reach US$8.6 billion by 2024.
As noted, Thailand’s homeland security (HLS) budget increased at a CAGR of 6.69%, and has reached US$6 billion in 2019. During this period, the country’s HLS budget is projected to increase from US$6.3 billion in 2020 to US$7.7 billion in 2024, – a CAGR of 5.04%. The expected increase in funding for domestic security will cover important infrastructure upgrades and overhauls for areas such as airports, ports and harbors, and mass transportation systems throughout the forecast period.
Source: Asian Military Review