At face value, Eurasia seems emblematic of markets across the developing world. Its value, in terms of defense spending, is relatively middle of the road: $98.7 billion, compared with Latin America's expenditure of $80.5 billion. Its structure mirrors that of the Middle East: a single, large national market surrounded by smaller markets. Like corresponding markets in Latin America and the Middle East, its value tends be highly elastic, shaped by regional geopolitical events. However, Eurasia's similarity to other developing arms markets ends at these broad-based comparisons. Between 2003 and 2007, the region grew at a compound annual rate of 27.5 percent - a growth rate that solidified its role as the world's fastest-growing arms market as measured by defense spending.
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