BMI View: Singapore has steadily increased the national defence budget in line with inflation, and aims to maintain a consistent level of expenditure to support long-term armourment and development of the Singapore Armed Forces (SAF). This follows a policy of zero troop increases, as SAF looks to overcome the population limits and strengthen its position through technological gains. In the future, we expect to see sustained levels of weapons imports from American and European arms manufacturers, as well as continued support for domestic defence company, ST Engineering.
Continued tensions within the regional security climate are spurring increased militarisation of the Southeast Asia, where unlike in Europe and the US, government are ramping up military expenditure. Singapore is leading the way on this, dedicating approximately 25% of the public budget to the defence sector. In 2013, Singapore's defence budget was valued at USD12bn, which compares to USD5bn in Malaysia, and USD7.9bn in Indonesia.This bodes well for domestic and international security and defence firms, which will see Singapore maintain its position as a top five global arms importer.
The Ministry of Defence has committed to steady and sustained spending patterns, and is following a careful procurement policy that values hi-tech weaponry, and specifically unmanned fighting capabilities. Singapore's potential acquisition of the fifth-generation F-35 strike fighter has continued to dominate defence developments over the past quarter. In Q214 the F-35 programme manager, Lt. General Christopher Bogdan, indicated that he was expecting F-35 orders from Singapore. Singapore is also rumoured to be interested in procuring the F-35B short takeoff and vertical landing aircraft (STOVL). This jet would allow Singapore to continue operating longer under a high-intensity ballistic missile campaigning, given that the need for full-length runways would be less urgent. This potential acquisition of the F-35B has...
The Singapore Defence & Security Report features Business Monitor International (BMI)'s independent forecasts for national and international security, the defence industry, military expenditure, employment in arms production, and arms imports and exports, as well as examining industry trends and prospects, national and multinational arms producers and the regulatory environment.
BMI's Singapore Defence & Security Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Singaporean defence and security industry.
- Benchmark BMI's independent defence and security industry forecasts on Singapore to test other views - a key input for successful budgetary and strategic business planning in the Singaporean defence and security market.
- Target business opportunities and risks in the Asia defence and security sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Asia.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).
Global and Regional Political Outlooks
A strategic overview of the world's major political risks, identifying countries facing leadership successions and nations at risk of upheaval, inter-state conflict or separatism and insurgencies, plus a summary of the world's 'wild card' low-probability high-impact risks.
Snapshot evaluation of the major issues affecting the defence and security sectors, economy and politics, with issues subdivided into 'Strengths', 'Weaknesses', 'Opportunities' and 'Threats'.
Political Risk Assessment
Drawing on BMI's heritage of more than 25 years of Country Risk analysis, this comprehensively evaluates the key risks to domestic politics and foreign relations, focusing on issues most likely to affect either domestic security or the defence sector.
Security Risk Analysis
BMI's proprietary Security Risk Rankings provide a reliable - and country comparable - guide to conflict, terrorism and criminal risk, backed up by our analyst's latest assessment of each component. Furthermore, drawing on our country risk expertise, we assess the state's vulnerability to a serious - or prolonged - terrorist campaign.
Armed Forces Spending/Expenditure
The reports contain a detailed breakdown of areas of expenditure by the armed forces, these include spending on international deployments, WMDs and missile defence systems as well as individual breakdowns of the cost-per-soldier.
Domestic Security Overview
The domestic security overview lists the various potential internal security threats facing a country, ranging from internal security issues such as terrorism, cyber terrorism, crime and drugs, to external security issues including general defence procedures and potential threats from specific countries.
BMI Industry Forecast Scenario
Historic data series and forecasts to end-2018 for key industry indicators supported by explicit assumptions, plus analysis of key downside risks to the main forecast.
Budgets & Expenditure: Defence expenditure (local currency and US$bn); defence expenditure (% of total budget); defence expenditure (% of GDP); defence expenditure per capita, US$; defence budget (local currency and US$bn).
Employment: Employment in arms production (`000s); employment in arms production (% of labour force).
Macroeconomic: BMI's forecasts and analysis of all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.
Domestic Security Overview
The reports also provide a regional overview which details specific issues and flashpoints affecting , along with potential risks in the coming year.