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Thursday 03 Sep 2015 - 18:02 Makkah mean time-19-11-1436
 Rabat, (IINA) - Morocco is expected to increase its defence spending by 3% due to rising regional threats, Morocco World News reported citing the American consulting firm Frost & Sullivan.
In its new analysis, Rapidly Evolving Defence Markets part 2, Frost & Sullivan forecasts Morocco’s military spending to increase by 3.6 percent over the next 10 years.
According to Frost & Sullivan, Morocco along with four other countries Colombia, Kuwait, Malaysia, and Singapore are expected to increase their defence spending from 38.73 billion USD in 2015 to 55.51 billion USD in 2015 at a compound annual growth rate of 3.7 percent.
The American consulting firm said that Morocco, Colombia, Kuwait, Malaysia and Singapore are expected to spend 21 percent of their total budget on new equipment.
“Unlike leading transitioning economies like India, South Korea, Turkey, the United Arab Emirates and Brazil, the five countries selected for this study are still attempting to develop an industrial base to bolster their local footprint and diminish reliance on foreign equipment,” said Frost & Sullivan Aerospace & Defence Industry Analyst Alix Leboulanger.
SM/IINA
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