Russia Outpaces NATO in Weapons Manufacturing as Global Arms Industry Booms
A new SIPRI report reveals Russia's defense industry is growing faster than NATO's, raising concerns over Western supply chain challenges and sustainability of Moscow's war economy.
- Russia's top defense firms saw a 40% revenue increase in 2023, significantly outpacing the 2.5% growth of U.S. firms and 0.2% growth of European firms, despite smaller overall revenues.
- SIPRI attributes Russia's rapid growth to its ability to focus domestic production on weapons like missiles, drones, and aircraft to sustain the Ukraine war effort.
- Western arms manufacturers, including U.S. giants Lockheed Martin and RTX, face supply chain issues that hinder their ability to meet growing demand despite large defense budgets.
- European defense companies have struggled to scale production, with 78% of procurement spending going outside the EU, though new initiatives aim to boost local manufacturing capacity.
- Experts question the long-term sustainability of Russia's war economy, citing high interest rates, sanctions, and potential financial instability in its defense sector.
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