Strategy Note /

Military spend is immune from Covid

  • Militaries generally took a bigger share of budgets in 2020 in emerging markets despite Covid-19 emergency response

  • Military share of government budget is historically much higher in the Middle East, except for Iran, than in other EMs

  • We screen for emerging markets where where both historic military expenditure and forecast fiscal deficit are high

Military spend is immune from Covid
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
18 May 2021
Published byTellimer Research


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