Hungary’s defense budget saw an increase over the 2017-2021 period due to the announcement of its modernization program, Zrínyi 2026. The government will develop its defense fleet through several important procurements and increase its defense expenditure to reach 2% of its overall GDP by 2024. However, Hungary is unlikely to meet its Zrínyi 2026 spending target due to the economic impact of COVID-19, says GlobalData, a leading data and analytics company.
According to GlobalData’s report, ‘Hungary Defense Market – Attractiveness, Competitive Landscape and Forecasts to 2026’, Hungary’s defense budget saw a -4.3% year-on-year (Y-o-Y) change from 2020, decreasing from US$2.8bn in 2020 to US$2.7 …
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