Which major economy announced a 70% increase in defense spending for 2024?
Russia.
2023 October
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According to a document released by the Russian finance ministry, the country will increase its defense spending by almost 70% in 2024. According to the report, defense spending will increase by over 68% year over year to nearly 10.8 trillion rubles (USD 111.15 billion), or roughly 6% of GDP. Russia has been investing heavily in its all-out offensive against Ukraine.