Brazil Defence & Security Report 2018
We expect Brazilian defence expenditure to return to positive growth in 2017, benefiting from a relative improvement ineconomic conditions, rising security risks domestically amid an uptick in criminality, and the government's willingness to preserveBrazil's status as a key defence player in the region. Over the medium to long term, the armed forces will need to replace andupgrade ageing equipment, and to build capabilities in the surveillance and cyber-defence spaces, although we caution that theimplementation of new procurement will be only gradual as budgetary constraints remain at play. Brazil has the largest defencebudget in the Latin America region, and is able to invest significantly into procurement of military equipment and defence R&D. Thisenables the domestic defence sector to continue to develop, increasing export potential, and gradually allowing it to capture a largeshare of the Brazilian MoD's procurement contracts.
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