Singapore spent $63 billion on defence during 2020-24

Singapore’s commitment to modernisation of its armed forces has driven the country to consistently allocate an average of 3.5% of its GDP to defence expenditure over the period 2020 to 2024. Recognising the challenges of maintaining a small military, the government has prioritised leveraging advanced technology and the acquisition of modern defence platforms to enhance its operational capabilities. This strategic focus has resulted in a cumulative defence budget of $63 billion between 2020 and 2024, according to GlobalData, a data and analytics company. GlobalData’s latest report, “Singapore Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2024–29,” reveals that the country’s defense expenditure is projected to reach a record high of $19.7 billion by 2029. As part of its modernisation drive, Singapore has undertaken significant acquisitions, such as the F-35A/B multirole aircraft, Invincible-class (Type 218SG) Submarine Multi-Role Combat Vessels (MRCVs), and Hunter Armoured Fighting Vehicles. Akash Pratim Debbarma, Aerospace & Defense Analyst at GlobalData, comments: “Singapore has long relied on international partnerships for technological transfer, knowledge sharing, and digital innovation. This approach was evident when Singapore signed a $2.7 billion deal in 2020 with Lockheed Martin to procure 12 F-35B multirole aircraft to replace its aging fleet of F-16s. As the first Southeast Asian country to acquire the F-35 aircraft, Singapore demonstrates its ambition to be a key military power in the region. Additionally, the country awarded a contract to acquire four Invincible-class (Type 218SG) submarines from Thyssenkrupp Marine Systems, which will enable the country to safeguard key maritime trade choke points in its vicinity, such as the Straits of Singapore and Malacca.” In parallel with its international collaborations, Singapore has also placed a strong emphasis on nurturing its domestic defence industry. As part of these efforts, the government has partnered with leading domestic defence company ST Engineering to indigenously produce 580 Next-Generation Armoured Fighting Vehicles (AFVs) also known as the Hunter AFVs, and six Multi-Role Combat Vessels (MRCVs). Debbarma concludes: “Singapore, alongside Malaysia, Thailand, and Indonesia, faces ongoing challenges in safeguarding the Malacca Strait, which is prone to piracy. The acquisition of advanced defense platforms by Singapore demonstrates its strategic efforts to combat piracy and ensure secure navigation through the Malacca Strait. Furthermore, the country also faces the vulnerability of being dragged into regional power struggles between bigger players such as the US and China. Owing to this, Singapore will continue to invest steadily in defense over this decade. Thus, the country’s forward-looking defense strategy underscores its determination to adapt to evolving security challenges while bolstering its regional standing and safeguarding critical maritime trade routes.” For Editorial Inquiries Contact: Editor Kym Bergmann at [email protected] For Advertising Inquiries Contact: Group Sales Director Simon Hadfield at [email protected]