Taiwan proposes largest-ever defence budget for 2024

  • Taiwan’s government intends to increase defence spending by 3.5% to a record TWD606.8 bn (USD19 bn) in 2024, according to the central government’s budget proposal.
  • The overall budget plan includes increased social welfare spending, particularly related to Taiwan’s low birth rate and aging population.
  • Additionally, the plan allocates funds for long-term care services for the elderly.
  • The proposed defence budget would be the highest absolute amount ever allocated for defence in Taiwan, equivalent to around 2.5% of GDP. China, in comparison, announced a 7.2% increase in its defence budget for the coming year.

External Link : https://focustaiwan.tw/politics/202308210025