Singapore, a country of 5.2 million people, is expected to spend $30 billion on its navy, air force and army between 2012 and 2015, reported defense researcher IHS Jane’s, according to Bloomberg.
Total military budget for the island-state is forecast to reach $18 billion by 2015, 26% more than this year, IHS Jane’s said in an e-mailed statement today.
“Underpinned by a strong national economy, defense spending in Singapore is expected to continue a pattern of robust growth in the next three years,” the researcher said.
Singapore, where military service is compulsory for adult male citizens, spends between 4% and 5% of gross domestic product on defense, according to IHS Jane’s. The country’s $287 billion economy is forecast to grow 5% this year and 1% to 3% in 2012, the trade ministry said Nov. 21.
The city-state’s military funding is aimed at building up defenses against terrorist attacks, which it fears may derail its economy. The government is concerned about the threat of attacks by extremist groups based in neighboring Indonesia and pirate attacks in surrounding waters.
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