Mideast Defense Spending Seen Flat Due to Oil by IHS Jane's - Bloomberg Business

Mideast Defense Spending Seen Flat Due to Oil by IHS Jane's - Bloomberg Business:

"The oil price slump means that growth in defense spending in the Middle East will slow, even though Gulf Arab states have been drawn into wars in Yemen, Syria and Iraq, IHS Jane’s said in a report.
After growing swiftly between 2012 and 2014, defense spending in the region is expected to be little changed at $170 billion over the next two years as budgetary pressures come up against security concerns, Craig Caffrey, principal analyst at IHS Jane’s, said in a report Sunday.
“2015 saw the first defense budget cuts for a decade as oil prices crashed,” Caffrey said. “We saw the first marginal cuts in 2015, but, those cuts are now expected to deepen in 2016 as states are forced into pursuing fiscal consolidation with more vigor.”"



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