2025-05-10 08:08:59
Every month at VC+, we release a visual guide to the markets—giving investors everywhere a clear snapshot of what to watch.
April’s tariff-fueled market volatility may have cooled, but the aftershocks are still playing out. In this month’s exclusive VC+ dispatch, we break down what happened, where markets stand now, and what to watch next, including:
Tariffs dragging U.S. markets to one of the worst starts to a year in decades
Gold surging with returns not seen since the 1970s
Nearly 300 Chinese stocks facing possible U.S. delisting
And much more inside
This Special Dispatch is exclusive to VC+ members but you can access the full breakdown by joining VC+ today.
For now, read on for a sneak preview.
This month, we look at the performance of specific asset classes since Trump’s April tariffs. We also compare the S&P 500 returns during the first 100 days of presidents post-WWII.
Could Washington turn up the heat on Beijing by kicking Chinese firms off U.S. stock exchanges? We look at the companies who are in the crosshairs.
If Chinese companies are delisted, they’d lose access to a massive pool of U.S. investors. We look at how the stock market participation rate varies across the globe.
To see the above charts in their full glory, and much more, join VC+ and unlock a whole host of members only benefits.
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2025-05-10 00:42:45
As global policy uncertainty continues to dominate the headlines, maintaining a balanced perspective is crucial. For investors, understanding the broader trade landscape—including where America’s largest trade deficits and surpluses lie—can help identify both emerging risks and overlooked opportunities.
In partnership with New York Life Investments, this visual breaks down the key players in America’s trade ecosystem—offering a clearer view of the relationships shaping U.S. economic dynamics.
A country’s largest trading partners play a pivotal role in shaping its economic stability, currency strength, and market potential—all of which influence investor sentiment.
For the U.S., trade is concentrated among three key partners: Canada, Mexico, and China. Canada and Mexico, closely tied through the USMCA trade agreement, account for 16.9% and 16.2% of total trade, respectively. China follows at 7.0%.
| Rank | Country | Percent of Total Trade |
|---|---|---|
| 1 |
 Canada |
16.9% |
| 2 |
 Mexico |
16.2% |
| 3 |
 China |
7.0% |
| 4 |
 Netherlands |
4.3% |
| 5 |
 United Kingdom |
3.9% |
| 6 |
 Japan |
3.9% |
| 7 |
 Germany |
3.7% |
| 8 |
 South Korea |
3.2% |
| 9 |
 Brazil |
2.4% |
| 10 |
 Singapore |
2.2% |
| 11 |
 France |
2.1% |
| 12 |
 Taiwan |
2.1% |
| 13 |
 India |
2.0% |
| 14 |
 Australia |
1.7% |
| 15 |
 Belgium |
1.7% |
| Other | 26.9% |
The remainder of the top 15 trading partners spans Europe and Asia.
Trade imbalances are a frequent flashpoint in economic and political discussions. So, where do the biggest gaps lie?
The largest trade deficits are with China, Mexico, and Vietnam. Notably, the U.S. deficit with China alone ($295 billion) nearly equals its combined deficits with Mexico and Vietnam ($296 billion).
| Rank | Country | Trade Deficits ($ billions) |
|---|---|---|
| 1 |
China |
-295.4 |
| 2 |
Mexico |
-171.8 |
| 3 |
 Vietnam |
-123..5 |
| 4 |
 Ireland |
-86.7 |
| 5 |
Germany |
-84.8 |
| 6 |
Taiwan |
-73.9 |
| 7 |
Japan |
-68.5 |
| 8 |
South Korea |
-66.0 |
| 9 |
Canada |
-63.3 |
| 10 |
India |
-45.7 |
On the other side of the ledger, the U.S. runs trade surpluses with countries such as the Netherlands ($55.5 billion), Hong Kong ($21.9 billion), and Australia ($17.9 billion).
| Rank | Country | Trade Surpluses ($ billions) |
|---|---|---|
| 1 |
Netherlands |
55.5 |
| 2 |
 Hong Kong |
21.9 |
| 3 |
Australia |
17.9 |
| 4 |
United Kingdom |
11.9 |
| 5 |
Brazil |
7.4 |
| 6 |
Belgium |
6.3 |
| 7 |
Singapore |
2.8 |
| 8 |
 Saudi Arabia |
0.4 |
There is also a sizable surplus with South and Central America, totaling $47.3 billion.
The U.S. has a long tradition of using tariffs and other protective measures to support domestic industries—often targeting its top trading partners.
Before the latest round of Trump-era tariffs, the U.S. and Canada clashed in several notable disputes, including the Smoot-Hawley Tariffs (1930), the Lumber War (1982), and the first wave of Trump tariffs in 2018.
In times of heightened uncertainty, clear insights are more valuable than ever. By unpacking the U.S.’s trade relationships and historical context, investors can gain a deeper understanding of potential market impacts—and spot opportunities that may otherwise go unnoticed.
Explore more insights from New York Life Investments.
In this thought experiment we look at how Canada would rank if it were part of the EU: by GDP, GDP per capita, military spending, etc.
We show the value of imported goods as a share of GDP, highlighting the import dependency of leading economies.
While the U.S. has beaten pre-pandemic GDP growth expectations in 2025, other major economies are lagging.
Explore the data behind the U.S. real GDP change of -0.3% for Q1 2025, affected by high imports and government spending cuts.
Discover the biggest industries in 2040, from AI to biotech, as emerging sectors generate up to $48 trillion in revenue.
Russia has the highest real interest rate, followed by Brazil and Mexico.
2025-05-09 23:41:43
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
In January, The Economist ran a headline stating: Why Canada Should Join the EU.
“Europe needs space and resources, Canada needs people. Let’s deal.” — The Economist.
It is an opinion piece looking at the pros and cons of a thought experiment.
While impossible under generally-understood EU membership criteria (i.e., actually being a part of the continent), we pulled some relevant data to see how Canada would rank amidst other EU countries.
Figures from this graphic are sourced from a variety of organizations: the International Monetary Fund (GDP and GDP per capita), Eurostat and Statistics Canada (university education, home ownership rate) and NATO (military spending).
All figures in percentages or U.S. dollars where applicable. Years vary per metric and are listed in the table in the next section. Average currency exchange rates for 2023 were used for military spending comparisons.
Canada would rank 4th by GDP ($2.2T) and 10th by GDP per capita ($54,000) amongst 27 EU countries.
| EU Country / Canada |
GDP ($ Billions, 2025) |
GDP Per Capita (USD, 2025) |
Military Spending ($ Millions, 2023) |
|---|---|---|---|
 Austria |
$534 | $58,192 | $3,117 |
|
Belgium |
$685 | $57,772 | $6,110 |
 Bulgaria |
$117 | $18,522 | $1,502 |
|
Canada |
$2,225 | $53,558 | $29,146 |
 Croatia |
$99 | $25,674 | $1,108 |
 Cyprus |
$39 | $41,132 | $647 |
 Czech Republic |
$360 | $33,039 | $4,113 |
 Denmark |
$450 | $74,969 | $7,365 |
 Estonia |
$45 | $32,760 | $1,135 |
 Finland |
$304 | $54,163 | $4,250 |
|
France |
$3,211 | $46,792 | $55,830 |
|
Germany |
$4,745 | $55,911 | $50,188 |
 Greece |
$267 | $25,756 | $5,454 |
 Hungary |
$237 | $24,809 | $3,999 |
|
Ireland |
$599 | $108,919 | $1,344 |
 Italy |
$2,423 | $41,091 | $27,711 |
 Latvia |
$46 | $24,374 | $1,331 |
 Lithuania |
$89 | $30,835 | $2,020 |
 Luxembourg |
$97 | $140,941 | $474 |
 Malta |
$26 | $45,735 | $96 |
|
Netherlands |
$1,272 | $70,480 | $15,538 |
 Poland |
$980 | $26,805 | $16,632 |
 Portugal |
$321 | $30,002 | $2,235 |
 Romania |
$403 | $21,421 | $5,964 |
 Slovakia |
$147 | $27,130 | $1,627 |
 Slovenia |
$75 | $35,332 | $850 |
 Spain |
$1,800 | $36,192 | $15,140 |
 Sweden |
$620 | $58,100 | $10,354 |
In fact, Canada’s performance is mostly par for course with its economy size and comparisons are best suited with similar large economies.
For example, Canada is behind EU leaders—Germany and France—when it comes to military spending.
When it comes to GDP per capita, it only lags one peer economy: Germany, outperforming both France and Italy.
Notably, it has the highest share of university-educated adults.
| EU Country / Canada |
College Degrees (%, 2024) |
Home Ownership Rate (%, 2023) |
|---|---|---|
|
Austria |
37 | 54 |
|
Belgium |
45 | 72 |
|
Bulgaria |
34 | 86 |
|
Canada |
58 | 67 |
|
Croatia |
30 | 91 |
|
Cyprus |
51 | 69 |
|
Czech Republic |
28 | 76 |
|
Denmark |
45 | 60 |
|
Estonia |
42 | 81 |
|
Finland |
43 | 69 |
|
France |
43 | 63 |
|
Germany |
35 | 48 |
|
Greece |
35 | 70 |
|
Hungary |
31 | 91 |
|
Ireland |
57 | 69 |
|
Italy |
22 | 75 |
|
Latvia |
40 | 83 |
|
Lithuania |
48 | 89 |
|
Luxembourg |
55 | 68 |
|
Malta |
36 | 75 |
|
Netherlands |
45 | 69 |
|
Poland |
40 | 87 |
|
Portugal |
31 | 76 |
|
Romania |
19 | 96 |
|
Slovakia |
29 | 94 |
|
Slovenia |
35 | 75 |
|
Spain |
42 | 75 |
|
Sweden |
51 | 65 |
The one metric where Canada is in the bottom 10 is home ownership rates. It would be sixth-lowest in the EU.
Worth mentioning here is that Eurostat measures this metric a little differently than Statistics Canada, which may result in some variations in direct comparison.
In the wake of Trump Administration tariffs and “Canada as the 51st state” rhetoric, commenters of both sides of the Atlantic are saying Canada should form closer ties with the EU.
Mark Carney, the newly elected Canadian prime minister, is pro-Europe. Ideologically he’s been compared to France’s Emmanuel Macron. Carney holds both British and EU citizenship and previously voiced deep concerns about Brexit during his tenure at the Bank of England.
The benefits of some sort of alliance are obvious: Canada and the EU have similar social welfare systems, approaches to governance, and tradable resources.
Is Canada-EU a pipe dream? Or a new era of geopolitical alliances?
Want some more EU information? Check out: The $19 Trillion EU Economy in One Chart for quick insights.
2025-05-09 21:22:53
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
The relations between Pakistan and India are becoming increasingly tense, with the neighbors currently engaged in an escalating armed conflict.
Both countries have been involved in several wars, armed conflicts, and military standoffs in the past, but have significantly different military capabilities.
This infographic compares the military strengths of India and Pakistan, using data from Global Firepower, SIPRI, and the Federation of American Scientists (FAS), along with population data from UNFPA.
According to Global Firepower, India is the fourth-strongest military power in the world, with Pakistan ranking twelfth in global military strength rankings.
The table below compares various military capabilities of India and Pakistan as of 2025:
| Category | India
|
Pakistan 
|
|---|---|---|
| Population (2024) | 1.4B | 245.2M |
| Military Expenditure (2024) | $86.1B | $10.2B |
| Active Military Personnel | 1,455,550 | 654,000 |
| Military Aircraft Fleet | 2,229 | 1,399 |
| Tank Fleet | 4,201 | 2,627 |
| Naval Fleet | 293 | 121 |
| Nuclear Warhead Inventories | 180 | 170 |
With a population of over 1.4 billion, India leads in most military strength metrics among the two neighbors.
India spent $86.1 billion on military and defense in 2024, compared to Pakistan’s $10.2 billion.
India’s active military personnel strength of around 1.5 million troops is more than double that of Pakistan’s 654,000.
India also leads in military airpower with over 2,200 military aircraft, which include fighter jets, attack helicopters, transports, and more.
On land, India’s 4,201 tanks outnumber Pakistan’s tank fleet by a large margin. However, Pakistan has a larger fleet of self-propelled artillery vehicles and mobile rocket launchers (not shown in the graphic).
Both countries are nuclear powers, with a nearly equivalent number of nuclear warheads.
The current conflict began in April, when a group of militants attacked tourists in the India-administered region of Kashmir, killing 26 people. While Pakistan has denied involvement in these attacks, Indian police claims that two of the four militants were identified as Pakistani citizens.
In retaliation, the Indian armed forces launched “Operation Sindoor” on May 7, 2025, targeting “terrorist infrastructure” with missile strikes across nine sites in Pakistan, killing 31 people.
Both countries have contesting claims about the strikes from India. The Indian Ministry of Defence claims that no Pakistani military facilities were targeted, while Pakistan’s military claimed that three sites were hit, vowing to respond.
As of May 8, Delhi states that Pakistan “attempted to engage” over a dozen targets in India overnight with drones and missiles. Meanwhile, Islamabad denies involvement in these attacks and claims to have shot down 25 Indian drones in Pakistani territory.
Although the conflict is escalating, leaders from several other nations have called for restraint from both countries, encouraging them to de-escalate the armed dispute.
If you enjoyed this infographic, check out the Countries With the Most Nuclear Missiles, on the Voronoi app.
2025-05-09 19:26:29
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
The world’s most valuable companies hold immense sway over the global economy, shaping everything from technology to consumer trends. As of May 2025, U.S. giants like Apple, Microsoft, and Nvidia are worth trillions of dollars, reflecting America’s long-standing leadership in innovation and capital markets.
In this graphic, we rank the world’s 50 most valuable companies, color coding them according to their country of origin.
The figures we used to create this graphic were sourced from companiesmarketcap.com, as of May 5, 2025.
| Rank | Name | Country | Market Cap |
|---|---|---|---|
| 1 | Microsoft |
 United States |
$3,241,850,000,000 |
| 2 | Apple |
United States |
$2,970,580,000,000 |
| 3 | NVIDIA |
United States |
$2,777,210,000,000 |
| 4 | Alphabet |
United States |
$2,003,080,000,000 |
| 5 | Amazon |
United States |
$1,978,370,000,000 |
| 6 | Saudi Aramco |
Saudi Arabia |
$1,622,480,000,000 |
| 7 | Meta |
United States |
$1,512,830,000,000 |
| 8 | Berkshire Hathaway |
United States |
$1,104,700,000,000 |
| 9 | Broadcom |
United States |
$943,775,000,000 |
| 10 | TSMC |
Taiwan |
$914,907,000,000 |
| 11 | Tesla |
United States |
$902,706,000,000 |
| 12 | Walmart |
United States |
$794,728,000,000 |
| 13 | Eli Lilly |
United States |
$737,662,000,000 |
| 14 | JPMorgan Chase |
United States |
$701,887,000,000 |
| 15 | Visa |
United States |
$668,214,000,000 |
| 16 | Tencent |
China |
$579,706,000,000 |
| 17 | Mastercard |
United States |
$509,590,000,000 |
| 18 | Netflix |
United States |
$482,623,000,000 |
| 19 | Costco |
United States |
$450,289,000,000 |
| 20 | Exxon Mobil |
United States |
$445,094,000,000 |
| 21 | Oracle |
United States |
$418,643,000,000 |
| 22 | Johnson & Johnson |
United States |
$372,941,000,000 |
| 23 | Procter & Gamble |
United States |
$372,383,000,000 |
| 24 | UnitedHealth |
United States |
$368,468,000,000 |
| 25 | Home Depot |
United States |
$359,534,000,000 |
| 26 | SAP |
Germany |
$353,045,000,000 |
| 27 | AbbVie |
United States |
$346,844,000,000 |
| 28 | ICBC |
China |
$319,841,000,000 |
| 29 | Bank of America |
United States |
$309,711,000,000 |
| 30 | Coca-Cola |
United States |
$308,616,000,000 |
| 31 | Novo Nordisk |
Denmark |
$305,812,000,000 |
| 32 | Alibaba |
China |
$302,206,000,000 |
| 33 | Hermès |
France |
$292,331,000,000 |
| 34 | Palantir |
United States |
$292,059,000,000 |
| 35 | T-Mobile US |
United States |
$281,932,000,000 |
| 36 | LVMH |
France |
$277,473,000,000 |
| 37 | Nestlé |
 Switzerland |
$272,769,000,000 |
| 38 | Philip Morris International |
United States |
$269,574,000,000 |
| 39 | ASML |
Netherlands |
$268,697,000,000 |
| 40 | Kweichow Moutai |
China |
$267,306,000,000 |
| 41 | Roche |
Switzerland |
$265,138,000,000 |
| 42 | Salesforce |
United States |
$261,581,000,000 |
| 43 | Samsung |
South Korea |
$260,653,000,000 |
| 44 | Agricultural Bank of China |
China |
$256,870,000,000 |
| 45 | Toyota |
Japan |
$250,853,000,000 |
| 46 | Wells Fargo |
United States |
$240,321,000,000 |
| 47 | International Holding Company |
 United Arab Emirates |
$240,030,000,000 |
| 48 | Chevron |
United States |
$236,681,000,000 |
| 49 | Cisco |
United States |
$235,992,000,000 |
| 50 | L'Oreal |
France |
$235,450,000,000 |
The two largest companies in this graphic, Microsoft and Apple, have regularly swapped places as the world’s most valuable company over the past decade.
Both companies are integrating artificial intelligence into their product offerings, which has helped fuel their market cap growth in recent years.
Next, let’s take a closer look at some of the non-U.S. companies in this graphic.
International Holding Company (IHC)International Holding Company (IHC), based in Abu Dhabi, has rapidly become one of the Middle East’s most valuable firms with a market capitalization of $240 billion.
Originally a fishing company, IHC has transformed into a conglomerate with investments across healthcare, agriculture, real estate, and artificial intelligence. This includes a $50M investment in Elon Musk’s SpaceX.
TSMCTaiwan Semiconductor Manufacturing Company (TSMC) holds a market cap of almost $1 trillion, making it the most valuable company in Asia. As the world’s largest dedicated semiconductor foundry, TSMC manufactures chips for major names like Apple, Nvidia, and AMD.
Check out this graphic from January 2025 to see a market capitalization breakdown of the global semiconductor industry.
TencentTencent, with a market cap of nearly $600 billion, remains one of China’s most influential tech companies despite regulatory headwinds.
The company is best known for its WeChat platform, but is also involved in gaming, cloud services, fintech, and even original content production. Through its Tencent Video platform, which has over 120 million paid subscribers, the company produces a variety of dramas, shows, and animations.
If you enjoyed today’s post, check out this map showing the number of billion dollar companies by country in 2025.
2025-05-09 18:10:59
See this visualization first on the Voronoi app.
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
On April 22nd, militants opened fire and killed 22 civilians and wounded 17 others near Pahalgam, a popular tourist spot in Kashmir.
A Kashmiri resistant group, “The Resistance Front” claimed responsibility for the attack.
India’s government blamed Pakistan for the attack, a charge that Islamabad denied. Both countries expelled ambassadors, suspended diplomatic ties, and closed airspace to each other’s airlines.
The disputed territory of Kashmir is claimed in full, and administered in part by both countries, a conflict that stems from the partition of British Indian territory back in 1947.
Since then, India and Pakistan have fought three wars, two over Kashmir, with countless cross-border skirmishes in the intervening years.
With data sourced from the SIPRI Military Expenditure Database, creator Statista has visualized each country’s annual military expenditure since 1980.
| Year |
India's Military Budget (in Millions) |
Pakistan Military Budget (in Millions) |
Gap b/w India & Pakistan |
|---|---|---|---|
| 1980 | $5,421 | $1,429 | 3.8x |
| 1981 | $5,879 | $1,737 | 3.4x |
| 1982 | $6,302 | $1,853 | 3.4x |
| 1983 | $6,831 | $1,986 | 3.4x |
| 1984 | $6,957 | $2,114 | 3.3x |
| 1985 | $7,567 | $2,144 | 3.5x |
| 1986 | $9,539 | $2,283 | 4.2x |
| 1987 | $10,877 | $2,500 | 4.4x |
| 1988 | $11,346 | $2,722 | 4.2x |
| 1989 | $10,590 | $2,580 | 4.1x |
| 1990 | $10,537 | $2,810 | 3.7x |
| 1991 | $8,623 | $3,067 | 2.8x |
| 1992 | $8,083 | $3,389 | 2.4x |
| 1993 | $8,254 | $3,309 | 2.5x |
| 1994 | $8,881 | $3,321 | 2.7x |
| 1995 | $9,755 | $3,666 | 2.7x |
| 1996 | $9,905 | $3,548 | 2.8x |
| 1997 | $11,465 | $3,320 | 3.5x |
| 1998 | $11,921 | $3,219 | 3.7x |
| 1999 | $13,896 | $3,081 | 4.5x |
| 2000 | $14,288 | $2,973 | 4.8x |
| 2001 | $14,601 | $2,842 | 5.1x |
| 2002 | $14,750 | $3,273 | 4.5x |
| 2003 | $16,334 | $3,723 | 4.4x |
| 2004 | $20,239 | $4,128 | 4.9x |
| 2005 | $23,072 | $4,587 | 5.0x |
| 2006 | $23,952 | $4,969 | 4.8x |
| 2007 | $28,255 | $5,343 | 5.3x |
| 2008 | $33,002 | $5,227 | 6.3x |
| 2009 | $38,722 | $5,275 | 7.3x |
| 2010 | $46,090 | $5,975 | 7.7x |
| 2011 | $49,634 | $6,955 | 7.1x |
| 2012 | $47,217 | $7,479 | 6.3x |
| 2013 | $47,404 | $7,656 | 6.2x |
| 2014 | $50,914 | $8,677 | 5.9x |
| 2015 | $51,296 | $9,506 | 5.4x |
| 2016 | $56,638 | $10,005 | 5.7x |
| 2017 | $64,559 | $11,378 | 5.7x |
| 2018 | $66,258 | $11,537 | 5.7x |
| 2019 | $71,469 | $10,223 | 7.0x |
| 2020 | $72,937 | $10,241 | 7.1x |
| 2021 | $76,349 | $11,649 | 6.6x |
| 2022 | $79,977 | $10,358 | 7.7x |
| 2023 | $82,293 | $8,626 | 9.5x |
| 2024 | $86,126 | $10,166 | 8.5x |
For four straight decades, India’s military spending has dwarfed Pakistan’s.
In 2024 India’s defense budget came in at $86 billion, nearly eight times Pakistan’s at $10 billion.
Notably, India possesses one of the largest standing armies in the world, and much of this expenditure goes towards pensions and payroll.
On a per capita basis, India spends about $60 per resident vs. Pakistan’s $41.
| Year |
India per Capita Spend |
Share of Revenue to Military |
Pakistan per Capita Spend |
Share of Revenue to Military |
|---|---|---|---|---|
| 1993 | $9 | 11% | $26 | 25% |
| 1994 | $10 | 10% | $26 | 27% |
| 1995 | $10 | 11% | $28 | 27% |
| 1996 | $10 | 10% | $26 | 25% |
| 1997 | $12 | 11% | $24 | 25% |
| 1998 | $12 | 11% | $22 | 23% |
| 1999 | $14 | 12% | $21 | 24% |
| 2000 | $14 | 12% | $20 | 22% |
| 2001 | $14 | 11% | $18 | 24% |
| 2002 | $14 | 10% | $20 | 23% |
| 2003 | $15 | 9% | $23 | 25% |
| 2004 | $18 | 10% | $24 | 26% |
| 2005 | $20 | 10% | $27 | 24% |
| 2006 | $21 | 9% | $28 | 21% |
| 2007 | $24 | 9% | $29 | 18% |
| 2008 | $28 | 9% | $28 | 16% |
| 2009 | $32 | 10% | $28 | 17% |
| 2010 | $37 | 10% | $30 | 17% |
| 2011 | $40 | 10% | $35 | 17% |
| 2012 | $37 | 9% | $36 | 16% |
| 2013 | $37 | 9% | $37 | 16% |
| 2014 | $39 | 10% | $41 | 17% |
| 2015 | $39 | 9% | $44 | 18% |
| 2016 | $42 | 9% | $46 | 18% |
| 2017 | $48 | 9% | $51 | 18% |
| 2018 | $49 | 9% | $51 | 19% |
| 2019 | $52 | 9% | $45 | 18% |
| 2020 | $52 | 9% | $44 | 17% |
| 2021 | $54 | 8% | $49 | 18% |
| 2022 | $56 | 8% | $43 | 16% |
| 2023 | $58 | 8% | $35 | 15% |
| 2024 | $60 | 8% | $41 | 14% |
However Pakistan directs aside about 14% of its government spending towards its military, vs. India’s 8%.
Earlier this week India launched missiles into Pakistani territory, an operation they said was targeting terrorist hideouts and not military infrastructure.
In response Pakistan returned shelling from their side of the border. Both governments have stated that civilians have been caught in the crossfire.
Additionally, Pakistan’s military said it shot down five Indian aircraft, a claim not yet confirmed by New Delhi.
The international community has called for de-escalation between the two nuclear-armed countries.
India’s massive defense budget reflects its large economy, fueled by strong consumer demand from the world’s biggest population. Check out: Visualizing India’s Population Clusters, a 3D map that shows where Indians live.
