Defence spending across much of Asia, Central and Eastern Europe and the Middle East is set to rise in the coming years, driven by heightened regional tensions and US pressure on allies to take greater responsibility for their own security. While the overall boost to EM growth is likely to be modest, the effects will vary. Countries that have spare capacity, strong fiscal positions, and well-developed defence industries will gain the most. South Korea stands out as one country particularly well placed to benefit.
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