What changes – More capex #2: more defense
DEFENCE SPENDING, % OF GDP
14
14
* GDP-WEIGHTED AVERAGE.
12
12
10
10
UNITED STATES
8
8
DEVELOPED ECONOMIES
6
6
4
4
2
2
DEVELOPED ECONOMIES EX-UNITED STATES*
0
0
50 55 60 65 70 75 80 85 90 95 00 05 10 15 20 25
1
Sources: SIPRI, NBER
48
@2023 Not to be reproduced without permission from Minack Advisors, info@minackadvisors.com
Made with FlippingBook interactive PDF creator