Thread by @peconomist_

BUDGET CAN BE BACKBONE OF ECONOMY
A 🧵

1. A key component of the US economy is the defense industry.
2. In 2021, defense manufacturing contributed $2.3 trillion to US GDP amounting to 12% of total GDP.
@BrigAshfaqHasan
@nadeemhaque
@FarooqHKhan
@AtifRMian

#DefenseAndEconomy

3. From 2018–22, US arms exports accounted for 40% of the global arms exports.
4. Whereas India remains the leading arms importer in the world from 1993 till 2022.

@INFANTRY28
@AVeteran1956
@MiftahIsmail
@SaleemFarrukh

1. To drive the economy, US stimulates its defense budget, a practice which India is also adopting, under the make in India initiative.
2. According to Fitch, the U.S. Department of Defense (DoD) budget will further increase to $797 billion in FY 2023 from $728 billion in 2022.

3. US military budget is by far the highest in the world and dwarfs military budgets of other nations ranked after it.

@SharifHaroon
@YousufNazar
@81ShahbazRana
@rmwaq

#DefenseAndEconomy

According to Richard Aboulafia, vice president of the Teal Group, a defense consulting firm, if US shutdown its defence manufacturing, the factory production in America, would shrink 10% or more.

@kaiserbengali
@KhalidWaleed_

#DefenseAndEconomy

To lessen US defense spending would be to weaken backbone of the US economy.

@AajKamranKhan
@AliKhizar
@Abidsuleri
@MIshaqDar50

#DefenseAndEconomy

Pakistan Defense Industrial Complex is also making significant contributions to National economy:
•    According to MoDP, in last five years an unprecedented boost in the Defence Exports earned Pak approximately 33 Million $ in exports..

@zafar_masud
@DrSalShah
@KhurramHusain

..and approximately Rs 76 billion worth of Inland Sales.

•    Alone in the year 2019, PAC Kamra secured Export of JF-17 to Nigeria for $ 184 Millionn and Contract finalization of 12 Mashaks to Iraq worth $ 33.33 Million.

•    In addition to generating exports, MoDP paid approximately Rs 6 Billion Taxes / duties annually in the national exchequer and generated 8000 jobs in defence production sector.

#DefenseAndEconomy
#LahoreHighCourt
#چلو_چلو_عمران_کے_ساتھ