Taiwan Plans Smallest Rise in Military Spending in Six Years
- Defense spending will rise by 4.6%, smallest number since 2018
- Comes as Taiwan’s economy faces headwinds from dip in demand
Taiwan aims to complete its upgrade of 141 F-16 fighter jets by end of the year.
Photographer: I-Hwa Cheng/BloombergThis article is for subscribers only.
Taiwan plans to increase its military spending next year by the smallest percentage since 2018, even as Beijing ramps up its military pressure on the self-ruled island it considers its territory.
The government in Taipei will raise its total defense spending to a record high of NT$606.8 billion ($19 billion), accounting for about 2.5% of GDP, according to a statement from the Presidential Office on Monday. That would represent a rise of about 4.6% on the government’s spending plans for 2023 — a significant drop-off from this year’s annual 12.5% increase.